Kopin Corp., a Westborough manufacturing firm, is proposing a reverse stock split as its shares continue trading at less than $1 per share.
Kopin, which makes wearable technologies, said Jan. 10 its board of directors have approved a proposal for a reverse stock split to go before a special stockholders meeting it anticipates holding March 2. Under the plan, shareholders will have fewer shares carrying a higher value.
A proposed range will go before stockholders for anywhere between a 1-for-2 and a 1-for-20 split. The final ratio will be determined by Kopin’s board.
The proposed split is an attempt to stay listed on Nasdaq. Kopin needs to reach a $1-a-share price at the last trading day of any month during a six-month period ending April 6, and to have at least a $1-a-share closing price over the preceding 10 consecutive business days.
Kopin hasn’t closed above $1 since Aug. 26.
The company’s shares weren’t always in such precarious territory. Shares surpassed $40 in February 2000, but haven’t been above $10 since 2002.
Kopin reported a $6.6-million quarterly loss in November, two months after it was removed from the S&P SmallCap 600.
