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.
