PONTE VEDRA, Fla. - Global Axcess Corp. (OTCBB: GAXC) announced a one-for-five reverse stock split of common stock April 28. On a pre-split basis, Global Access, as of the end of trading April 27, has approximately 91 million shares of common stock outstanding. As a result of the reverse-stock split, every five shares of common stock will be combined into one, reducing the total number of common shares outstanding to about 18.2 million.
The company's stock symbol also has changed to "GAXC."
"Global Axcess Corp. has achieved significant business momentum during the past year, including record revenue growth and continued profitability," said Michael Dodak, Global Access chairman and chief executive. "We believe the reverse stock split will position GAXC's shares in a price range that is more attractive to a broad range of institutional investors."
