Rubicon Technology plans reverse stock split

BENSENVILLE - Rubicon Technology said it filed an amendment to the Company's Certificate of Incorporation to effect a reverse stock split of Rubicon's outstanding common stock.

As a result, every ten pre-split shares of common stock held by stockholders will automatically be converted into one share of common stock. The reverse stock split will be effective on Friday, May 5. The number of shares of the company's authorized common stock was also reduced from 40 million shares to 8.2 million shares. The amendments were recommended by rubicon's board of directors and approved by the company's stockholders at the annual meeting of stockholders.

The reverse stock split is intended to increase the per share trading price of Rubicon's common stock to satisfy the $1 minimum bid price requirement for continued listing on The Nasdaq Capital Market. Rubicon received a staff determination letter in April from the Listing Qualifications Department of Nasdaq informing Rubicon that it failed to regain compliance with this minimum bid price requirement. The Company requested a hearing before a Nasdaq listing qualifications panel regarding its listing, which is expected to be scheduled by Nasdaq within 45 calendar days from the date of the request.