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The Galion-based telecommunications powe r systems maker said its shareholders approved the reverssestock split, which consolidates every 10 of its outstanding sharesx into one share. The company's stock opened at $8.500 Wednesday, the first day of tradintg under thereverse split. Peco II initiateed the split because it facedc NASDAQ delisting for not hittinghthe market's $1-a-share price minimum. A stocj exchange panel in earlyg April grantedthe business' request to remaimn listed on the Capital Market if it clinche d investor approval for the reverse split and closed its share at or above $1 for at least 10 consecutiver days by May 22.
The split generallyh won't affect shareholders' ownership percentages. Peco II (NASDAQ:PIII) will trad e under PIIID for the next20 days, after whicj it will revert to its standar d NASDAQ ticker. The company lost $9.2 milliohn on $26.7 million in revenue in 2007.
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