Airspan Networks (AIRN) Shareholders Approve Reverse Stock Split
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Airspan Networks Inc. (NASDAQ: AIRN) announced its shareholders overwhelmingly approved a consolidation of the Company's common shares, also known as a reverse stock split. With close to 85% of eligible votes being cast, shareholders voted more than 94% in favor of the principal consolidation resolution. The other two resolutions were also approved.
The shareholders voted to amend the Company's Articles of Incorporation, giving its Board of Directors the authority to effect a reverse stock split at a ratio to be determined within a range of one-for-five shares to one-for-fifteen shares in order to decrease the number of issued and outstanding shares of common Stock. No set date has been established for a reverse stock split at this point.
Airspan Networks Inc. (Airspan) is a global supplier of broadband wireless equipment supporting the Worldwide Interoperability for Microwave Access (WiMAX) protocol standard, which provides telecommunication access network to connect end users to telecommunication backbone networks.[SM]
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