SAN RAMON, Calif. Finet.com Inc. has filed for a reverse split of its outstanding shares of common stock.
Shares of Finet a former direct consumer mortgage lender that early last year turned itself into a business-to-business technology provider have traded between 31 cents and 75 cents since Aug. 1, 2000, the company said in its filing, which has reduced the attractiveness of using the stock to raise financing to support the companys operations and to increase the companys net worth and as consideration for potential acquisitions.
Since reaching a two-year high of $14.938 in April 1999, Finets stock has fallen as much as 98%. The price first fell below $1 on April 14, 2000, and has closed above $1 only six days since then, the last time being July 19.
Finet.com said it hopes the split will put its stock above the Nasdaq minimum-bid price of $1. Nasdaq also requires that the aggregate market value of shares held by persons other than officers and directors be at least $1 million and that at least 300 individuals each own no less than 100 shares.