Telecom Equipment Provider Orckit Announces Three-for-One Stock Split
TEL AVIV, Israel, Feb. 28 /PRNewswire-FirstCall/ -- Orckit Communications Ltd. (NASDAQ:ORCT) today announced that its Board of Directors has approved a three-for-one stock split of the Company's Ordinary Shares to be effected in the form of a 200% stock dividend, pursuant to which the Company will distribute to each holder of an Ordinary Share two additional Ordinary Shares for no consideration.
As of February 25, 2005, Orckit had 4,540,718 ordinary shares outstanding. Following the share split, the Company will have 13,622,154 ordinary shares outstanding.
As the Company's authorized share capital is not sufficient to enable this share split in the form of a stock dividend, shareholders' approval is required to increase the Company's authorized share capital from 10,000,000 to 50,000,000. With shareholder approval, the Company will announce the record date and distribution date of the stock dividend, which is expected to occur in early April 2005.
Accordingly, the Company announced that a Special Meeting of Shareholders will be held on Thursday, March 31, 2005 at 10:00 a.m. Israel time, at the offices of the Company, 126 Yigal Allon Street, Tel Aviv, Israel. The record date for the meeting is March 2, 2005. Orckit will send to its shareholders of record a proxy statement describing the various matters to be voted upon at the meeting, along with a proxy card enabling them to indicate their vote on each matter.
About Orckit Communications
Orckit Communications Ltd. is a leading provider of advanced telecom equipment targeting high capacity broadband services. Our products include Corrigent's CM-100 metro optical transport solution, based on RPR and MPLS technologies, delivering packet transmission services in the metro area
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