27 February 2012

Emcore completes 4:1 reverse stock split

Emcore Corp of Albuquerque, NM, USA, which makes components, subsystems and systems for the fiber-optic and solar power markets, has completed its 4:1 reverse stock split (announced on 27 January), which became effective on 15 February. The firm’s common stock is now trading on the NASDAQ Global Market on a split-adjusted basis under a new CUSIP number. The board of directors approved the reverse stock split in January, following shareholder approval on 14 June 2011.

Every four shares of issued and outstanding Emcore common stock have been combined into one issued and outstanding share without any change in the par-value per share or rights and preferences of the common stock. The number of shares has hence been reduced from about 94.1 million to 23.5 million. The number of authorized shares was also proportionally reduced from 200 million to 50 million. Furthermore, proportional adjustments were made to Emcore options, warrants and other securities, entitling their holders to purchase Emcore shares.

Tags: Emcore

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