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In an effort to draw attention from institutional investors, LiveWire Mobile Inc., a provider of managed personalization services such as ringtones and ringback tones, will execute a one-for-ten reverse stock split of the company’s common stock next month.
The board of directors of Littleton-based LiveWire Mobile (Pinksheets: LVWR) has approved the reverse stock split, and officials say the reverse split should occur on Dec. 18, 2009. At a special company meeting one year ago, company stockholders had authorized the board to OK a reverse stock split of between one-for-five and one-for-ten.
As of the upcoming Dec. 18, the number of outstanding LiveWire Mobile common stock shares will drop from approximately 46 million to about 4.6 million. The reverse stock split, which bumps up the price per stock share, is meant to attract potential investors.
Last month, LiveWire Mobile announced plans to cut 20 employees from the company and reduce the amount of its leased office space. The layoffs are expected to be complete by the end of 2009. At that time the company also announced the resignation of director W. Frank King.
Originally based on Framingham-based NMS Communications Corp.’s ringback service, launched in 2004, LiveWire was spun out of the company in December, at the time boasting 30 operators worldwide as customers and more than 185 million subscribers, according to officials.
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