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Technology Stocks : AVCI -- Ignore unavailable to you. Want to Upgrade?

To: rrufff who wrote (153)	11/11/2002 10:42:07 PM
From: Glenn Petersen	Read Replies (1) \| Respond to of 190

maybe they will not need a r/s Avici shareholders approve reverse stock split NORTH BILLERICA, Mass., Nov 8 (Reuters) - Avici Systems Inc.<AVCI.O>, a telecommunications equipment maker, on Friday said its shareholders approved a 1 for 4 reverse stock split to raise its stock price so it can continue its Nasdaq listing. The North Billerica, Massachusetts-based company said about 93 percent of shareholders at a special meeting approved a plan for the split of its common stock, an action for which Avici said in September it would seek approval. As a result, Avici said the total number of outstanding shares will be reduced to about 12.6 million. Avici's stock was off 1.2 cents at 84 cents a share in Friday afternoon trading. On Sept. 20, Avici said it was cutting almost one-quarter of its workforce, or 75 jobs, and would seek shareholder approval to effect a reverse split of up to 1 for 5 shares. The reverse split is effective as of the close of business Friday and the company expects its shares will begin trading on the Nasdaq exchange on Tuesday under the symbol "AVCID". After 20 trading days the "D" designation, signifying the reverse split, will be removed and the symbol will revert to "AVCI." 11/08/02 13:58 ET Copyright 2002 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. All active hyperlinks have been inserted by AOL.