Business Services Industry
Olathe, Kan.-Based Conglomerate Drops Reverse Stock-Split Plan.
Knight Ridder/Tribune Business News, January, 1999 by Alm, Rick
Knight Ridder/Tribune Business News
Jan. 8 -- Butler National Corp. won't go through with a 1-for-10 reverse stock split.
Shareholders were scheduled to vote earlier this week, but the matter was shelved when the required quorum of outstanding shares wasn't represented at the special meeting.
"The board is not planning to again seek shareholder approval for a reverse split," said Clark D. Stewart, Butler's president.
Directors late last year proposed the split in what was acknowledged at the time as a last-resort bid to avoid a delisting by the Nasdaq stock exchange. Now the Olathe aerospace and business services firm faces a Jan. 18 deadline to hit the exchange's $1-per-share trading minimum.
Company officials appear...
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