PlanetOut Inc’s financial drama continues:

PlanetOut announced today that its stockholders had approved a reverse stock split designed to shore up the stock’s price, which at times this year has hovered as low as $1 per share and below. The company, which trades as LGBT on the Nasdaq exchange, said in a release that shareholders approved the move in an Aug. 29 meeting, and the PlanetOut board set the ratio of the reverse stock split at 1 for 10.

The change is expected to become effective by Oct. 1, when PlanetOut every 10 shares of common stock of PlanetOut will be combined into one share of common stock. The share price will be increased by the same proportion. As a result, PlanetOut shares will trade above $10 per share, far above the $1 minimum set by the Nasdaq exchange rules. The stock closed [yesterday] at $1.45 per share, up 9 percent on the day, but the reverse stock split was announced after the exchange had closed for the day.

Will the move help Out and The Advocate’s publisher or will that ship continue to sink? Who knows, but it sure as shit’s been a wild ride!