Syntroleum Ponders Reverse Split on Delisting
TULSA, Okla. (AP) — Shares in Syntroleum Corporation have been trading for less than $1 for more than 30 days and the company is considering a reverse split to avoid being delisted by the Nasdaq exchange.
The company said Friday that shareholders approved a proposal to let the board consider the reverse split, which would reduce the number of outstanding shares and increase the share price.
In 2007, Syntroleum and Springdale, Arkansas-based Tyson Foods announced a joint venture to build $150 million biofuels in Louisiana called Dynamic Fuels. Last year the company inked a deal to supply the Navy with 450,000 gallons of renewable diesel from the plant.
The Tulsa World reports Syntroleum has until December 5th to get the price above $1 for 10 consecutive days or risk delisting.