Cuisine Solutions to Halt Common Stock
Alexandria-based Cuisine Solutions said its board of directors has approved a plan to stop trading its common stock. The company said it's withdrawing its shares to avoid costs related to compliance under the Sarbanes-Oxley Act and to focus on long-term value. Cuisine Solutions expects to save more than $800,000 a year because of the change.
The board has proposed a 1-for-5,000 reverse stock split to reduce the number of shareholders of record to under 300, paying out shareholders who own fewer than 5,000 shares $1.30 per share. The split will be submitted to stockholder consideration at a special meeting to be held in its fiscal first quarter.
Shares were trading up more than 20 percent this afternoon, at $1.13. They traded as low as 47 cents a share in December and were over $2 a year ago.
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