MILAN, Ill. -- Eagle Food Centers here said it will propose a reverse stock split to its shareholders at the company's June 27 annual meeting.
y, Eagle common stock trades on the exchange under a temporary exemption Nasdaq granted in February. Eagle has until July 3, when the emption is scheduled to expire, to lift its stock above $1.
Late last week, the stock was trading at 54 cents per share, and a company spokesman told SN Eagle was confident the reverse split would bring the price of its stock above $1.
Meanwhile, as long as the stock trades under the exemption, it will be traded under a new symbol: EGLEC.
Jeff Little, Eagle chief executive officer and president, said, "We believe the company will meet all requirements for the continued listing of its stock on the Nasdaq SmallCap Market."