Asconi Corporation has approved a one-for-30 reverse share split for its common stock.

The US-based wine and spirits distributor said yesterday (28 March) that its board and majority stockholders had approved the move, which would lead to the company ending the registration of its common stock and becoming a non-reporting company. As a result, Asconi would no longer be required to file periodic reports and other information with the Securities and Exchange Commission.

Although no date has been set for the split, the company has reserved the right to reverse the decision should it so decide.

"Following the Reverse Stock Split, Asconi anticipates that its shares of Common Stock will continue to be traded on the Pink Sheets Electric Quotation Service under the current symbol "ASCD.PK", but can make no assurances that any broker will make a market in Asconi's Common Stock," the company said.

The split would see holders of less than 30 shares and holders of shares not evenly divisible by 30 receive US$1.00 per pre-split share.

Asconi operates primarily in the wine and spirits markets of Eastern Europe.