Ascena Retail Group has taken a step to avoid getting kicked off the Nasdaq stock exchange. The apparel retailer's board approved a 1-for-20 reverse stock split, aimed at raising its price per share by reducing the number of shares traded on the exchange, according to a Thursday press release. After the reverse split, Ascena will go from having 199.4 million shares outstanding to just under 10 million.
The company can regain compliance with Nasdaq if its shares trade above $1 for 10 consecutive days ahead of Jan. 27.. . . more