Eltek Ltd.'s (NASDAQ:ELTK) previously announced 1-for-5 reverse split of its common stock became effective today prior to the opening of trading on the NASDAQ MKT.
As a result of the reverse stock split, each 5 Ordinary Shares of issued Common Stock were converted into one share of Common Stock. No fractional shares will be issued as a result of the reverse-split. Instead, all fractional shares will be rounded up or down to the closest whole number of shares. As of November 15, 2017, there were 10,142,762 Ordinary Shares outstanding and after the reverse split there will be approximately 2,028,552 Ordinary Shares outstanding.
Shares of Eltek are up nearly 70% to $6.47 in Wednesday's trading session.
Eltek is engaged in the development, manufacture, marketing, and sale of custom made printed circuit boards. Its products includes flex-rigid boards, rigid multilayer boards, High Density Interconnect, flex and multi-flex boards, Teflon and hybrid boards and backplanes. The company was founded on January 1, 1970 and is headquartered in Petach Tikva, Israel.