Aviat Networks, Inc. (NASDAQ: AVNW), the
leading expert in microwave networking solutions, revealed Monday that its stockholders approved a reverse stock split.
Accordingly, each 12 shares of Aviat's common stock would be combined into one share of common stock. This would proportionately
reduce the total number of outstanding shares of common stock to approximately 5.26 million shares from approximately 63.1 million
shares. The company stated that proportionate adjustments would also be made to its outstanding equity awards.
Aviat Networks said the reverse stock split was effective as of June 10, 2016 and the company expects its common stock to
commence trading on a split-adjusted basis as of the open of trading on June 14, 2016.
The company's president and CEO, Michael Pangia, said, "The reverse stock split will enable us to regain compliance with Nasdaq
and remove any undue concerns from customers and suppliers regarding our listing status. We remain well positioned with our global
customers and are seeing increasing demand for our products and services within the Private Network vertical."
He continued, "As previously announced, we are continuing to implement our plan to improve margins, lower expenses, and create a
leaner, more agile business structure which we believe will bring us to profitability in the next fiscal year."
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.