Pulse Electronics (PULS) Approves One-for-Ten Reverse Split
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Pulse Electronics Corporation (NYSE: PULS), a leading provider of electronic components, today announced that it has filed an amendment to its Amended and Restated Articles of Incorporation to implement a 1-for-10 reverse stock split that will become effective at 12:01 a.m. Eastern Daylight Time on May 22, 2013. Pulse’s common stock will begin trading on the New York Stock Exchange (“NYSE”) on a split-adjusted basis when the market opens on Wednesday, May 22, 2013.
At its annual meeting of shareholders held on May 17, 2013, Pulse’s shareholders granted to the Board of Directors the authority to implement a reverse stock split at their discretion, and if it does so, to determine the exact reverse stock split ratio within an approved range. At the effective time of the reverse stock split, every ten shares of Pulse’s issued and outstanding common stock will be automatically converted into one issued and outstanding share of common stock, without any change in the par value per share.
As a result of the reverse stock split, the number of issued and outstanding shares of common stock will be reduced from approximately 79.5 million to approximately 7.9 million. The number of authorized shares, including additional shares that were approved by shareholders at the annual meeting on May 17, 2013, will be reduced from 310 million to 31 million. Proportional adjustments will be made to Pulse’s stock option and stock incentive plans. The reverse stock split will have no effect on the company's authorized shares of preferred stock, however the number of shares of common stock into which the company’s Series A Preferred Stock is convertible will be proportionally reduced.
Pulse common stock will continue to trade on the NYSE under the symbol “PULS”, but under a new CUSIP, 74586W 205.
No fractional shares will be issued in connection with the reverse stock split. Following the reverse stock split, the company or its agent will aggregate and sell all fractional shares otherwise issuable. Shareholders of record who otherwise would be entitled to receive fractional shares will be entitled to receive a pro rata portion of the net cash proceeds in lieu of such fractional shares. Shareholders will receive instructions from the company’s transfer agent, Registrar & Transfer Company, as to procedures for exchanging existing share certificates for new book-entry shares.
At its annual meeting of shareholders held on May 17, 2013, Pulse’s shareholders granted to the Board of Directors the authority to implement a reverse stock split at their discretion, and if it does so, to determine the exact reverse stock split ratio within an approved range. At the effective time of the reverse stock split, every ten shares of Pulse’s issued and outstanding common stock will be automatically converted into one issued and outstanding share of common stock, without any change in the par value per share.
As a result of the reverse stock split, the number of issued and outstanding shares of common stock will be reduced from approximately 79.5 million to approximately 7.9 million. The number of authorized shares, including additional shares that were approved by shareholders at the annual meeting on May 17, 2013, will be reduced from 310 million to 31 million. Proportional adjustments will be made to Pulse’s stock option and stock incentive plans. The reverse stock split will have no effect on the company's authorized shares of preferred stock, however the number of shares of common stock into which the company’s Series A Preferred Stock is convertible will be proportionally reduced.
Pulse common stock will continue to trade on the NYSE under the symbol “PULS”, but under a new CUSIP, 74586W 205.
No fractional shares will be issued in connection with the reverse stock split. Following the reverse stock split, the company or its agent will aggregate and sell all fractional shares otherwise issuable. Shareholders of record who otherwise would be entitled to receive fractional shares will be entitled to receive a pro rata portion of the net cash proceeds in lieu of such fractional shares. Shareholders will receive instructions from the company’s transfer agent, Registrar & Transfer Company, as to procedures for exchanging existing share certificates for new book-entry shares.
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