April 7, 2000
Dow Jones Newswires
Nextel Commun Seeks To Hike Authorized
Shrs To 2.2B
Dow Jones NewswiresWASHINGTON -- Nextel Communications Inc. (NXTL) is seeking
shareholder approval to increase the number of authorized common shares to
2.2 billion from 613.9 million, according to a preliminary proxy statement filed
with the Securities and Exchange Commission on Friday.
Nextel is seeking to increase the number of shares to accomplish a proposed
two-for-one stock split and to provide adequate flexibility to issue shares for
purposes such as financings, acquisitions and strategic transactions, and
possible future stock splits.
The additional 1.5 billion shares would be a part of the existing class of Class
A common stock and, if and when issued, would have the same rights and
privileges as the shares of Class A common stock currently issued and
outstanding.
As of March 31, some 361.1 million shares of Class A common stock were
outstanding.
Shareholders can vote on the proposal at the company's annual meeting,
scheduled for May 25.
Nextel, based in Reston, Va., is a digital wireless service provider.
-Chad Clinton; Dow Jones Newswires/Federal Filings Business News;
202-628-9798 |
