Latitude Industries announced today it is taking action to reduce the amount of authorized common shares by 4.8 billion shares.
The 98 percent reduction will lower Latitude's authorized common shares from 5 billion to 200 million, further restrict any dilution and build value for current and future shareholders, the company said.
Latitude trades on the Pink Sheets under the symbol LTDU. The stock closed Monday at 1 cent a share.
"This significant reduction is an expression of the progress the company is making to ensure commitment to shareholders and gain their trust through transparency and it will serve to further enhance our overall earnings per share and make our stock more attractive to own for both current as well as prospective investors," CEO Carolina Hernandez said in a statement.
Latitude said Monday that it completed its acquisition of ChampionMarineUSA.com, an online store that offers more than 19,000 boat parts, accessories and clothes.