Velocity Express Sets Reverse Stock Split

Velocity Express Corp. said its board authorized a 1-for-15 reverse stock split, effective Friday morning.

Velocity’s common stock will begin trading on the Nasdaq Stock Market on a split-adjusted under the temporary trading symbol VEXPD, the company said, and its symbol will revert to VEXP after about 20 trading days.

The reverse split reduces the number of shares from 42.5 million to about 2.8 million, Velocity said. The split was intended to assist Velocity to meet Nasdaq listing requirements, the company said.

Velocity Express ranks No. 74 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.