Reverse Stock Split for Internap

Network services provider Internap (IIP) says it will implement a 1-for-10 reverse split of its common stock for stockholders of record as of the close of business on July 10. Internap shares will begin trading on the American Stock Exchange on a split-adjusted basis on July 11. After trading for around 50 cents for much of last year, Internap shares have moved up to just over $1 a share in recent weeks.

The conversion price and number of shares that can be issued will be proportionately adjusted to reflect the split. Internap stockholders approved the reverse split via an amendment to the company’s articles of incorporation during the annual stockholders meeting held on June 21.

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About the Author

Rich Miller is the founder and editor at large of Data Center Knowledge, and has been reporting on the data center sector since 2000. He has tracked the growing impact of high-density computing on the power and cooling of data centers, and the resulting push for improved energy efficiency in these facilities.