EMCORE Corporation (NASDAQ: EMKR), a leading provider of compound semiconductor-based components and subsystems for the fiber optic and solar power markets, announced today that its Board of Directors has 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.
NASDAQ may append a “D” to the end of EMCORE’s current trading symbol to indicate the Reverse Stock Split, but the trading symbol would revert to “EMKR” after approximately twenty trading days.
In addition, EMCORE common stock will trade under a new CUSIP number following the effectiveness of the Reverse Stock Split.
When the Reverse Stock Split becomes effective, every four shares of issued and outstanding EMCORE common stock will be automatically combined into one issued and outstanding share of common stock without any change in the no par value per share or rights and preferences of our common stock.
This will reduce the number of issued and outstanding shares of EMCORE common stock from approximately 94.0 million to approximately 23.5 million. No fractional shares will be issued in connection with the Reverse Stock Split, as any fractional shares which result from the Reverse Stock Split will be rounded up to the next whole share.
Furthermore, proportional adjustments will be made to EMCORE options, warrants and other securities, entitling their holders to purchase shares of EMCORE common stock. The number of authorized shares of our common stock will also be proportionally reduced from 200 million to 50 million.
Additional information regarding the Reverse Stock Split may be found in EMCORE’s definitive proxy statement filed with the Securities and Exchange Commission on May 5, 2011.
EMKR closing price for the week that ended Friday, January 27, 2012 was $1.26, up 0.03, on volume of 250,894.
EMKR is trading 24.12% above its 50 day moving average and -9.35% below its 200 day moving average.
EMKR is -74.79% below its 52-week high of $3.25 and 53.66% above its 52-week low of $0.82.
EMKR‘s PE ratio is N/A and its market cap is $118.52M.
EMKR is a regular feature in our Top 25 Solar Energy Stocks To Watch
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