The Exchange does not view favorably a stock dividend or forward split of a stock selling in a low price range or a substantial stock dividend or forward split which may result in an abnormally low price range for shares after the split or stock dividend. Any company considering a forward split (or a stock dividend of more than 5%) which would result in an adjusted price of less than $3 per share for its stock should consult with the Exchange in advance of taking formal action. (See also ?70 for information regarding reverse splits.)