Prepaid Card Holdings Inc. of Las Vegas said Friday that it has cancelled the 10-for-1 reverse stock split it had proposed last month.
In a Dec. 5 filing with the Securities and Exchange Commission, Prepaid Card Holdings had said the split would allow it to delay or prevent a hostile takeover bid, though it also said it was not responding to any specific takeover attempts.
About 4.1 million of Prepaid Card Holdings' nearly 404 million shares outstanding are free-trading, and the rest are restricted. As of Friday morning the shares were unchanged from Wednesday's closing price of 5.8 cents.
