USA: Swank Announces 1-for-3 Reverse Stock Split
Swank Inc (Nasdaq: SNKI), announced today that a proposal has been approved to amend its Restated Certificate of Incorporation to effect a 1-for-3 reverse stock split of its issued shares of Common Stock. From today, the company's Common Stock will be listed under the symbol 'SNKID' for 20 trading days. The reverse split was undertaken primarily to increase the price of its shares of Common Stock to comply with the $1 minimum bid price requirement for continued listing on the Nasdaq SmallCap Market. The company believes that maintaining its listing on the Nasdaq SmallCap Market may provide the company with a broader market for its Common Stock and facilitate the use of its Common Stock in any financing or acquisition transactions in which the company may engage.Swank manufactures and markets men's and women's jewelry, belts and personal leather goods. The company distributes its products to retail outlets throughout the United States and in numerous foreign countries. These products, which are known throughout the world, are distributed under the names 'Kenneth Cole', 'DKNY', 'Claiborne', 'Guess?', 'Anne Klein', 'Anne Klein II', 'Geoffrey Beene', 'John Henry', 'Pierre Cardin', 'Colours by Alexander Julian', and 'Swank'. Swank also manufactures jewelry and leather items for distribution under private labels.
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