JDSU - JDS Uniphase Corp. Proposes Reverse Stock Split
23 September 2005Today (9/23/05) fiber-optic parts maker JDS Uniphase Corp. said it will seek shareholder approval of a proposed reverse stock split ranging from 1-for-8 to 1-for-10 at its annual meeting in December. JDS said the proposed split would lower the number of authorized shares of common stock from 6 billion to 1 billion, and affect outstanding shares of the company’s common stock, and outstanding exchangeable shares of subsidiary JDS Uniphase Inc.
JDS’s annual meeting is scheduled for Dec. 1, 2005 and if shareholders approve the reverse stock split, the board of directors will have discretion over the timing and ratio of the split, which may happen at any time before Dec. 1 next year. Its current share price is $1.82 (11:20AM ET, up $0.06 or +3.41%).
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