Advantage Life Products Inc.: The beauty products...
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Advantage Life Products Inc.: The beauty products maker completed a one-for-three reverse stock split Thursday.
Boosted by the split, the Irvine company’s stock, which trades on Nasdaq under the new symbol ADNCD, closed Thursday at $2.375 a share, compared to 75 cents a share Wednesday. Under the split, one share of stock was issued for every three existing shares.
Formed in June, 1986, the company has reduced its number of outstanding shares to 3.8 million from 11.5 million.
“Nasdaq required us to have a stock price over $1, so the reverse split allowed us to do that,” said Jim Stapleton, Advantage Life’s chief financial officer. Shareholders approved the split at the company’s annual meeting on Oct. 13.
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