The Board of Directors of JDSU approved a 1-for-8 reverse split of its common stock, following approval by the company’s stockholders on December 1, 2005. The reverse stock split will be effective at on Monday, October 16, 2006. JDSU’s common stock will begin trading on the NASDAQ on a split adjusted basis when the market opens on Tuesday, October 17, 2006, under the temporary trading symbol “JDSUD”. The trading symbol will revert to “JDSU” after approximately twenty trading days.
JDSU said the reverse stock split is intended to enhance investors’ visibility into the company’s profitability on a per share basis. The company also believes that a higher share price could broaden JDSU’s appeal to investors, in addition to reducing per share transaction fees and certain administrative costs.
The reverse split will reduce the number of shares of the Company’s common stock outstanding from approximately 1.7 billion to approximately 211 million.
http://www.jdsu.com
