Struggling solar firm plans 3rd reverse stock split

LOUISVILLE — Real Goods Solar Inc. (Nasdaq: RGSE) has effected a reverse stock split, the company’s third in less than two years, at a ratio of one-for-thirty. The split will become effective at 11:59 p.m., Jan. 25.

Shareholders of the troubled solar installer approved the split at a special meeting of shareholders, Jan. 23. The shareholder approval applied to all outstanding shares of Class A stock, at a ratio within a range of one-for-five to one-for-35, according to the filing.

Shareholders authorized the board of directors to determine the specific ratio and timing of the reverse stock split, which could have occurred at any time prior to Jan. 23, 2018.

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But the company’s board wasted no time, approving the one-for-thirty split immediately after the special meeting.

Real Goods Solar does business as RGS Energy. The company has effected two splits prior to this one, including one-for-20 splits on May 18, 2015, and June 2, 2016, all in an attempt to maintain its listing on the Nasdaq stock market.

RGS’ stock was down three cents in mid-day trading, Jan. 24, at 20 cents per share.