This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

UTStarcom Announces Results Of Its Extraordinary Meeting Of Shareholders And Effectiveness Of One-for-Three Reverse Share Split

BEIJING, March 21, 2013 /PRNewswire/ -- UTStarcom Holdings Corp. (" UTStarcom" or the " Company") (NASDAQ: UTSI), a leading provider of media operational support services and broadband equipment products and services, today announced the official results of its extraordinary meeting of shareholders, held on March 21, 2013 at 1:00 p.m. local time in Beijing, China. The shareholders cast their votes as described below:

1. The shareholders approved, effective as of 4:30 p.m. Eastern Standard Time on March 21, 2013, as an ordinary resolution, in accordance with Article 49 of the Company's Amended and Restated Memorandum and Articles of Association, that the authorized share capital of the Company be amended by the consolidation of the existing 750,000,000 Ordinary Shares of US$0.00125 par value each into 250,000,000 Ordinary Shares of US$0.00375 par value each, such that:

(i) the authorized share capital of the Company is amended to US$943,750 divided into 250,000,000 Ordinary Shares of a par value of US$0.00375 each and 5,000,000 Preference Shares of a par value of US$0.00125 each;

(ii) each existing issued 3 Ordinary Shares of US$0.00125 par value each be consolidated into 1 Ordinary Share of US$0.00375 par value each and the register of members of the Company be updated accordingly; and

(iii) any fractions of a share that result from the consolidation described above be automatically repurchased by the Company at the Market Price (as defined in the Company's Amended and Restated Articles of Association) of such fractions on the date of this Extraordinary Meeting.

2. The shareholders approved, effective as of 4:30 p.m. Eastern Standard Time on March 21, 2013, as a special resolution, that the Amended and Restated Memorandum and Articles of Association of the Company currently in effect be amended and restated by their deletion in their entirety and the substitution in their place of the Amended and Restated Memorandum and Articles of Association attached to the proxy statement previously distributed to shareholders.

On March 15, 2013, the Company received a formal notice from NASDAQ that it was not in compliance with the listing requirements due to the Company's Ordinary Shares closing below the $1.00 per share minimum bid price for 30 consecutive business days.  The Company has 180 days to regain compliance with the listing standards.  To regain compliance, the closing bid price of the Company's Ordinary Shares must be at least $1.00 per share for a minimum of ten consecutive business days during the stated 180-day period. 

As a result of the meeting, the one-for-three reverse split of the Company's Ordinary Shares shall become effective as of 4:30 p.m. Eastern Standard time on March 21, 2013, with trading currently expected to commence on the post-reverse split-adjusted basis on the NASDAQ Global Select Market as of the opening of trading on Friday, March 22, 2013.

The Company's Ordinary Shares will continue to be reported on the NASDAQ Global Select Market under the symbol "UTSI," although NASDAQ will add the letter "D" to the end of the trading symbol for a period of 20 trading days to indicate that the reverse share split has occurred. The Company's Ordinary Shares will have a new CUSIP number upon the effectiveness of the reverse share split.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,757.91 +138.40 0.79%
S&P 500 2,077.42 +14.31 0.69%
NASDAQ 5,013.1230 +26.2560 0.53%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs