Orion Energy announces 1-for-10 reverse stock split

Orion Energy (OESX) announced that its board of directors and shareholders approved a 1-for-10 reverse stock split of the company’s common stock, no par value per share, which will be effective at 12:01 a.m., Central Time, on August 22. Orion’s common stock will continue to be traded on Nasdaq on a split-adjusted basis beginning on August 22 under the company’s existing trading symbol. The reverse stock split is intended to increase the bid price of the company’s common stock so that Orion can regain compliance with the minimum bid price requirement of $1.00 per share for continued listing on Nasdaq.