Alliance Fiber Optic Products, Inc. Announces Reverse Stock Split
August 23 2010 - 7:30AM
Business Wire
Alliance Fiber Optic Products, Inc. (NASDAQ CM: AFOP), an
innovative supplier of fiber optic components, subsystems, and
integrated modules for the optical network equipment market, today
announced that its Board of Directors approved a 1-for-5 reverse
split of AFOP’s outstanding common stock. The reverse spilt was
approved by the Company’s stockholders at a special meeting of
stockholders on August 20, 2010.
The reverse stock split will be effective at 5:00 p.m. Eastern
Time, on Friday, August 27, 2010. AFOP’s common stock will begin
trading on the NASDAQ Capital Market on a split adjusted basis
under the temporary trading symbol “AFOPD” when the market opens on
August 30, 2010. The trading symbol will revert to “AFOP” after
approximately 20 trading days.
The reverse split will reduce the number of outstanding shares
of the Company’s common stock from approximately 42.9 million
shares to approximately 8.6 million shares. Proportional
adjustments will be made to outstanding stock options, other equity
incentive awards, and the Company’s equity compensation plans.
Information For Stockholders
On the effective date of the reverse stock split, each five
shares of issued and outstanding common stock will be converted
into one share of AFOP common stock. Registered holders of AFOP
common stock will receive a letter of transmittal shortly after the
effective date with instructions for the exchange of their old
stock certificates for new, post-split certificates. American Stock
Transfer and Trust Company will act as the exchange agent and can
be contacted at (877) 248-6417. Stockholders with shares in
brokerage accounts will be contacted by their brokers with
instructions.
No fractional shares will be issued as a result of the reverse
stock split. Stockholders will receive a cash payment in lieu of
fractional shares based on the closing price of the Company’s
common stock immediately prior to the effective time of the reverse
split.
More information on the reverse stock split is available in
AFOP’s definitive proxy statement filed with the Securities and
Exchange Commission on July 14, 2010.
About AFOP
Founded in 1995, Alliance Fiber Optic Products, Inc. designs,
manufactures and markets a broad range of high performance fiber
optic components and integrated modules. AFOP's products are used
by leading and emerging communications equipment manufacturers to
deliver optical networking systems to the long-haul, enterprise,
metropolitan and last mile access segments of the communications
network. AFOP’s product line of passive optical components includes
interconnect systems, couplers and splitters, thin film DWDM
components and modules, fixed and variable optical attenuators.
AFOP is headquartered in Sunnyvale, California, with manufacturing
and product development capabilities in the United States, Taiwan
and China. AFOP's website is located at http://www.afop.com.
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