Shareholders of digital marketing company MaxPoint Interactive have approved a reverse stock split that takes effect after the market closes on Monday.
The Morrisville-based company announced Monday that the reverse split of one share for every four outstanding shares was scheduled to take effect at 5 p.m. The reverse split, which was approved by shareholders at the company’s annual meeting held Friday, will reduce the number of outstanding shares from approximately 26.3 million shares to about 6.6 million shares.
Earlier Monday – before the reverse split took effect – MaxPoint shares closed at $1.93, down 4 cents. Its shares have risen 13 percent this year.
MaxPoint went public at $11.50 per share in March 2015, but its shares failed to find favor with investors and the IPO price is also its all-time high to date.