Blockbuster Seeks Reverse Stock SplitBy Jeanine Poggi 03/29/10 - 05:18 PM EDT
NEW YORK (TheStreet) -- Blockbuster(BBI) is looking to issue a reverse stock split pending a vote from shareholders at its annual meeting on May 26.
More on BBI Retail Winners: Williams-Sonoma, Dillard'sBankruptcy Isn't Best Option for Blockbuster: PollBlockbuster Rallies on CEO Optimism Market Activity Blockbuster Inc.| BBI DOWNAt the annual meeting, shareholders will be able to vote on combining Class A and Class B common shares as well. Blockbuster has been struggling to remain afloat, and warned earlier this month that it may have to file for bankruptcy protection.
Blockbuster also reported today that it's been notified by the New York Stock Exchange that its average market capitalization fell below $75 million in the 30-day trading period. The company has 45 days to regain listing compliance.
Shares of Blockbuster tanked on Monday, closing down 9.8% to 28 cents, and continued to fall after the bell. 
