un Microsystems, Inc. Announces a Two-for-One Stock Split
PALO ALTO, Calif., Sept. 17 /PRNewswire/ -- Sun Microsystems, Inc., (Nasdaq: SUNW) today announced that its Board of Directors has approved a two-for-one stock split, to be effected in the form of a stock dividend, subject to stockholder approval of an increase in the Company's authorized shares of Common Stock to 3.6 billion shares. Such approval will be sought at the Company's Annual Meeting of Stockholders to be held on November 10, 1999 (the record date for which was September 14, 1999). Subject to receiving such stockholder approval, the Record Date for the stock split will be November 11, 1999 and thereafter, on December 7, 1999, the transfer agent will mail certificates representing one additional share for each share held on this Record Date. Should stockholder approval be obtained, the stock split will increase the number of shares outstanding from approximately 780,552,000 to approximately 1,561,104,000 shares.
Michael Lehman, Sun's Vice President of Corporate Resources and Chief Financial Officer, commented, "We are pleased to offer this stock dividend, the second of this calendar year, in response to the increase in the market price for Sun's Common Stock over the last several months. The dividend will decrease the price per share, broadening the distribution and improving the marketability of Sun's Common Stock."
About Sun Microsystems
Since its inception in 1982, a singular vision, "The Network Is The Computer(TM)," has propelled Sun Microsystems, Inc., to its position as a leading provider of high quality hardware, software and services for establishing enterprise-wide intranets and expanding the power of the Internet. With more than $11.5 billion in annual revenues, Sun can be found in more than 150 countries and on the World Wide Web at sun.com .
SOURCE Sun Microsystems, Inc.
CO: Sun Microsystems, Inc.
ST: California
IN: CPR MLM
SU:
09/17/1999 16:00 EDT prnewswire.com
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