Avanex (AVNX) Approves Reverse Stock Split
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Avanex Corporation (NASDAQ: AVNX) approved a reverse split of its common stock at a ratio of 15-for-1, with a planned effective date of August 12, 2008. Accordingly, as of the effective date, each fifteen shares of issued and outstanding common stock and equivalents will be converted into one share of common stock. The reverse stock split will be effected by the filing of a Certificate of Amendment to the Company's Certificate of Incorporation with the Secretary of State of the State of Delaware.
"Avanex is taking this action to encourage interest in our stock on the part of certain brokerage houses and institutional investors and to be in a better position to continue to meet the listing criteria for trading on the Nasdaq Stock Market," said Giovanni Barbarossa, the Company's Interim CEO. "Following the reverse split, our stock will likely trade at a higher nominal price level," said Barbarossa.[SM]
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