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Alvarion^®
Ltd.
(Alvarion or the Company), a global provider of optimized
wireless broadband solutions addressing the connectivity, coverage and
capacity challenges of public and private networks, announced today that the
previously-reported 1:10 reverse split of its ordinary shares would be
effected on Tuesday, April 2, 2013 to all shares held of record as of the
close of business on Monday, April 1, 2013. The reverse split was previously
approved by the Company's shareholders at the Annual General Meeting held on
September 10, 2012 and announced by the Company on December 10, 2012.
Upon execution of the reverse split, shareholders will receive one share of
Alvarion in exchange for every 10 shares held by them. The reverse split will
reduce the number of Company outstanding shares from approximately 63 million
to approximately 6.3 million. Proportional adjustments will be automatically
made to Alvarion's outstanding stock options and other equity compensation
incentive awards.
Alvarion will not issue any fractional shares as a result of the reverse
split. Instead, all fractional shares will be rounded up to the next whole
number of shares.
The reverse split is intended to increase the per share trading price of the
Company's ordinary shares to satisfy the $1.00 minimum bid price requirement
for continued listing on the NASDAQ Capital Market. As previously announced,
in order to maintain the Company's listing on NASDAQ, the Company's ordinary
shares must have a closing bid price of $1.00 or more for a minimum of 10
consecutive trading days prior to April 24, 2013. There can be no assurance
that the reverse split will have the desired effect of raising the closing bid
price of the Company's ordinary shares prior to April 24, 2013, to meet such
requirement.
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