EMCORE Plummeting on Reverse Stock Split Announcement
Share of EMCORE (NASDAQ: EMKR) are seeing much pressure during Monday's trading session after the company announced Friday a 1-for-4 reverse stock split.
On Friday, EMCORE's Board of Directors approved a one for four reverse stock split of EMCORE common stock. The Reverse Stock Split was approved by EMCORE's shareholders at its June 14, 2011 annual meeting. The Reverse Stock Split will become effective following the filing of an amendment to EMCORE's corporate charter.
EMCORE has set February 15, 2012, as the record date for the Reverse Stock Split and anticipates that EMCORE common stock will begin trading on the NASDAQ Global Market on a split adjusted basis at the opening of trading on February 16, 2012.
Currently, shares of EMCORE are trading over 11% lower at $1.11.
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