QVC Group announced its board of directors approved a 1-for-50 reverse stock split of the company’s Series A common stock and Series B common stock.
Shareholders ratified the reverse stock split at the company’s annual meeting on May 12, the company noted.
QVC stated that it expects the reverse stock split to enable it to regain compliance with the minimum bid price requirement of $1 per share for the company’s continued listing on The Nasdaq Capital Market. The move comes after QVC switched, while still using the Qurate name, NASDAQ markets as it worked to satisfy market compliance rules and put its business on a more solid financial and operational footing.
