March 28, 2000 15:25
SDL Inc. Aims To Double Authorized Shares To 280 Million (SDLI)
(NewsTraders.com)--Fiber optic equipment maker SDL Inc. (SDLI) hopes its shareholders will agree to its proposal to increase the common shares it is authorized to issue, planning to double the shares it has available to 280 million from 140 million.
In preliminary proxy materials released late Monday, SDL said that it did not have particular use for the shares, but needed it available for potentiality of dividends or splits, to raise additional capital through sales of securities, or to make acquisitions.
Although SDL did not convey any particular purpose for the additional common shares, such a move typically sparks speculation of stock splits or stock-based acquisitions.
As of March 23, SDL had 72.7 million common shares issued and outstanding, according to the filing.
Of note, SDL just effected a 2-for-1 stock split on March 14, after its shareholders approved a boost in the company's stock from 70 million to the current 140 million.
Shareholders will have the opportunity to vote on the proposal at the 2000 annual meeting to be held on May 18 at the Wyndham Garden Hotel in Sunnyvale, Calif.
Shares of the San Jose, Calif.-based maker of semiconductor lasers, fiber optic related products and optoelectronic systems recently jumped $5.25 to $222.25.
freeedgar.com
|
