Velocity Express Declares 1-for-50 Reverse Stock Split

Velocity Express Corp. this week announced a 1-for-50 reverse stock split on its Common Stock.

This reverse stock split was authorized by the company’s board of directors on Dec. 20, 2004, and approved at the annual meeting of stockholders for the fiscal years 2003 and 2004, held on Feb. 14, 2005.
According to the company, the reverse split is necessary to increase the share price of common stock to satisfy the $1 minimum bid-price listing requirement of The Nasdaq Stock Market.
Velocity provides time critical supply chain management solutions throughout North America.