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Technology Stocks : Oclaro, Inc. (Avanex-Bookham)
OCLR 8.2600.0%Dec 10 4:00 PM EST
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From: Glenn Petersen12/12/2005 1:20:47 PM
   of 2293
 
AVNX is going to be asking its shareholders to approve a reverse stock split in the range of one-for-seven to one-for-fifteen.

The preliminary proxy materials were filed on December 7:

Our Board of Directors has unanimously approved proposed amendments to the Certificate which would effect a reverse stock split of all outstanding shares of Common Stock at an exchange ratio ranging from one-for-seven to one-for-fifteen. The Board of Directors has declared such proposed amendments to be advisable and has recommended that these proposed amendments be presented to the stockholders for approval. You are now being asked to vote upon these amendments to the Certificate which would effect a reverse stock split whereby a number of outstanding shares of Common Stock between and including seven and fifteen would be combined into one share of Common Stock. The reverse stock split would reduce the number of outstanding (but not the authorized) shares of Common Stock.

<snip>

The Board of Directors believes that a reverse stock split may be desirable for a number of reasons. First, the Board of Directors believes that a reverse stock split may enable the Company to avoid having the Common Stock delisted from the Nasdaq National Market. Second, the Board of Directors believes that a reverse stock split could improve the marketability and liquidity of the Common Stock.

sec.gov
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