The Proficient Investor

In accordance with the SEC, Bluefly(BFLY) announced a reverse split of 1-10 meaning for stockholders, every 10 shares will now equal one, which will move the stock to the $4 range…just under what is allowed for shorting and it will also change the amount of shares available from 134.3 million to 13.4 million.

Bluefly’s symbol will change to BFLYD to reflect the split for 20 days after which it will again revert back to BFLY.

This has been a long time coming IMO. Management should have seen the writing on the wall and done this much earlier. Although this is a move in the right direction to meet NASDAQ continued listing requirements, its no guarantee Qualifications panel will accept it which means ultimately that BFLY could be relegated to the OTC market until such a time as they can again meet the strict requirements of trading on the NASDAQ.

Does it matter? Not really. Even if they move to the OTCBB listings, its still a real company that you can track sales and figures on. It’s still speculative and the retail business hasn’t been doing well at all, but I’m sticking with BFLY.

I own shares of BFLY.