Raytech (RAY) announced that the company’s board of directors approved that the authorized, issued, and outstanding shares of the company be consolidated on a 16-for-1 ratio, with the marketplace effective date of November 7. The objective of the share consolidation is to enable the company to regain compliance with Nasdaq Marketplace Rule 5550(a)(2), which pertains to the minimum bid price requirement, and maintain its listing on the Nasdaq Capital Market.
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