Alvarion Announced a 1:10 Reverse Split of Shares
11 December, 2012
The reverse split is intended to increase the per share trading price of the Company's ordinary shares to satisfy the $1.00 minimum bid price requirement
Upon execution of the reverse split, shareholders will receive one new share of Alvarion for every 10 shares held by them. The reverse split will reduce the number of shares from approximately 62 million to 6.2 million. The reverse split is intended to increase the per share trading price of the Company’s ordinary shares to satisfy the $1.00 minimum bid price requirement for continued listing on the NASDAQ Global Market.
In order to maintain the Company’s listing on NASDAQ, the Company’s ordinary shares must have a closing bid price of $1.00 or more for a minimum of 10 consecutive trading days prior to April 24, 2013. Alvarion’s ticker symbol will not change as a result of the pending reverse split. Upon execution of the reverse split, a “D” will be placed on the stock’s ticker symbol for 20 business days. A new CUSIP number will be issued to Alvarion’s ordinary shares after the reverse split become effective.