Wednesday, July 1, 2009

Lee Enterprises cancels plan for reverse split

Newspaper publisher Lee Enterprises Inc. said Wednesday its board has decided against a reverse stock split.

The company's shareholders voted to give the board authority to enact a reverse split in March. The New York Stock Exchange notified the publisher late last year that it faced delisting if it couldn't keep its share price above $1. But the NYSE temporarily suspended that standard in February as a growing number of companies faced delisting in the broader market downturn.

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