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TeamStaff Inc. (NASD: TSTF) said a reverse stock split to keep its shares listed on the Nasdaq received approval from the exchange's hearings panel. It's hoped the reverse split will enable the company's shares to meet minimum listing requirements. TeamStaff reported in January it received a delisting notice from the Nasdaq because its shares didn't meet the minimum bid requirement of $1 for 30 consecutive days of trading.
TeamStaff, a healthcare and administrative staffing company, has until May 5 to conduct the reverse stock split. The split will come for shareholder approval at the company's annual meeting on April 17.