The Mining Co. has 25,000 shares of stock outstanding. The current market value of the firm is $789,000. The company has retained earnings of $407,000, capital in excess of par value of $229,000, and a common stock account value of $25,000. The company is planning a reverse stock split of two-for-three. What will be the par value per share after the split?

Choose one answer.

$2.50

$1.00

$.50

$.33

$1.50