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Violin's reverse stock split

To avoid NYSE delisting because its stock price has been less than $1.00 for too long, Violin's board has approved a 4:1 reverse stock split.

The struggling all-flash array pioneer has also gained a new board member, Bruce Grant, who has bought a 14.5 per cent stake in the company – comprising approximately 15 million shares – in open market purchases made before he became a director. The shares are trading at $0.92.

As a large investor Grant joins Art Samberg who bought a 5.3 per cent stake in Violin in June. That makes two investors willing to bet millions on Violin's future. The first day of trading post-split will be July 6, 2016. ®

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