Gardner Firm Does Reverse Split
Precision Optics Corp. Inc. of Gardner has performed an aggressive 1-for-25 reverse stock split in an attempt to make its common stock look more attractive to investors.
The reverse split increases the value of the company's stock by 25 times by decreasing the number of shares outstanding by the same amount. The reverse split affects all outstanding shares of Precision Optics stock.
"The change will open the door to a more diversified and serious investment interest, and will position the company for future growth," the company said in a press release.
Along with the reverse split, the company, which trades on the overt-the-counter bulletin board, will change its ticker symbol from POCI to PEYE.OB.
In November, the company reported a 158 percent revenue increase and a net loss of $466,848 for the first quarter of its 2008 fiscal year. The company said it expects "continued quarterly operating losses during fiscal 2008." It also plans to put off projects and development plans, lay off workers and consider private or public debt or equity offerings to raise cash.
The company makes optical components for the medical industry.
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