UTStarcom to Hold Extraordinary General Meeting of Shareholders on March 21st
UTStarcom Holdings Corp. (Nasdaq: UTSI) ("UTStarcom" or the "Company"), a leading provider of media operational support services and broadband equipment products and services, today announced that it will hold an extraordinary general meeting of its shareholders (the "EGM") on Thursday, March 21, 2013, at 1:00 p.m., Beijing time, to seek approval for a previously announced 3-for-1 reverse share split. UTStarcom's Board of Directors believes that implementing a reverse share split is likely to improve the marketability and liquidity of UTStarcom's ordinary shares.
The meeting will be held at UTStarcom's offices located at Room 303, Building H, Phoenix Place, No. A5 Shuguangxili, Chaoyang District, Beijing, P.R. China, 100028. Shareholders of record as of the close of business on February 5, 2013, are entitled to notice of and vote at the EGM. If approved, the reverse share split will become effective immediately upon approval by the Company's shareholders. Upon becoming effective, every three outstanding and authorized ordinary shares of UTStarcom as of the effective date will be automatically combined into one issued and outstanding ordinary share.
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