Cerplex Group Seeking Reverse Stock Split

Tustin computer service firm Cerplex Group Inc. said it will ask stockholders to approve a 1-for-10 reverse stock split in an effort to stimulate more interest in the company, whose shares have been trading below $1. The reverse split would decrease the number of shares of common stock to 7.2 million from 72 million, the company said.

The company, formed by the merger of Cerplex Inc. and Aurora Electronics Inc. of San Diego, posted a loss of $9.6 million, or 22 cents a share, for the quarter ended June 28. Stockholders are expected to approve the plan Oct. 5. A related proposal seeks shareholder approval of a charter amendment that would reduce Cerplex’s authorized common shares to 75 million from 300 million.