BEIJING, Jan. 30, 2013 /PRNewswire/ -- 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.
This press release constitutes a public announcement of the date of the EGM for purposes of Article 65(c) of UTStarcom's Amended and Restated Articles of Association (the "Articles"). A copy of UTStarcom's Articles is available by submitting a written request to the address noted above, Attention: Investor Relations, or by accessing UTStarcom's website at http://utstarcom.investorroom.com/index.php?s=117.
About UTStarcom Holdings Corp.
UTStarcom is focused on providing next generation media operational support services in the rapidly growing markets for TV over IP services and broadband equipment products and services. UTStarcom is committed to meeting the evolving needs of cable and broadband service providers to enable a more personalized entertainment experience. The Company sells its media operational support services and broadband equipment products and services to operators in both emerging and established broadband and cable markets around the world.