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Financial News Release
JDSU Completes 1-for-8 Reverse Stock Split
MILPITAS, Calif., Oct. 17 /PRNewswire-FirstCall/ -- JDSU today announced the completion of its 1-for-8 reverse stock split, which became effective at 11:59 p.m. Eastern Time on October 16, 2006. JDSU's Board of Directors approved the reverse stock split last month, following stockholder approval on December 1, 2005. JDSU's common stock will begin trading on the NASDAQ on a split adjusted basis when the market opens today, October 17, 2006, under the temporary trading symbol "JDSUD." The trading symbol will revert back to "JDSU" on November 14, 2006.
The reverse split reduced the number of shares of the JDSU's common stock outstanding from approximately 1.7 billion to approximately 211 million. Furthermore, proportional adjustments were made to JDSU stock options and other equity incentive awards, equity compensation plans and convertible notes. The number of authorized shares of common stock was reduced from 6 billion to 1 billion.
The exchangeable shares of JDS Uniphase Canada Ltd. ("JDU"), a subsidiary of JDSU listed on the Toronto Stock Exchange, effected a comparable reverse stock split at the same ratio of 1-for-8. No adjustment to the trading symbol "JDU" was made for the exchangeable shares. The reverse stock split reduced the number of exchangeable shares outstanding from approximately 51 million to approximately 6 million.
Information for Stockholders
JDSU stockholders will receive one new share of JDSU common stock for every eight shares held. Registered holders of JDSU common stock, listed on the NASDAQ, will receive a letter of transmittal shortly with instructions for the exchange of stock certificates. Stockholders with shares in brokerage accounts will be contacted by their brokers with instructions. American Stock Transfer and Trust Company will act as the exchange agent, and can be contacted at (800) 937-5449.
A letter of transmittal was mailed on October 12, 2006 to registered holders of JDU exchangeable shares with instructions for the exchange of stock certificates. Stockholders with shares in brokerage accounts will be contacted by their brokers with instructions. CIBC Mellon will act as the exchange agent, and can be contacted at (800) 387-0825.
JDSU will not issue fractional shares as a result of the reverse stock split. For registered stockholders, the transfer agents for JDSU common stock (American Stock Transfer and Trust Company) and for JDU exchangeable shares (CIBC Mellon), will aggregate all fractional shares and arrange for their sale on the open market shortly after the effective date. Following the sale, stockholders will receive a cash payment from the transfer agent in an amount equal to the stockholders' pro rata share of the total net proceeds of these sales. No transaction costs will be assessed. Stockholders with shares held in brokerage accounts are encouraged to contact their brokers with any questions as some brokers may have different procedures for payment of fractional shares.
More information on JDSU's reverse stock split is available in our "Reverse Stock Split Fact Sheet and FAQ" available at www.jdsu.com/investors.
About JDSU
JDSU (Nasdaq: JDSU; TSX: JDU) is committed to enabling broadband & optical innovation in the communications, commercial and consumer markets. JDSU is a leading provider of communications test and measurement solutions and optical products for telecommunications service providers, cable operators, and network equipment manufacturers. Furthermore, JDSU is a leading provider of innovative optical solutions for medical/environmental instrumentation, semiconductor processing, display, brand authentication, aerospace and defense, and decorative applications. More information is available at www.jdsu.com.
Investors: Jacquie Ross, 408-546-4445 or investor.relations@jdsu.com
SOURCE
JDSU
CONTACT: investors, Jacquie Ross, +1-408-546-4445, or investor.relations@jdsu.com, or press, Kathleen Greene, +1-408-546-5852, or kathleen.greene@jdsu.com, both of JDSU
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phx.corporate-ir.net/...=irol-newsArticle&ID=917350&highlight=
Financial News Release
JDSU Completes 1-for-8 Reverse Stock Split
MILPITAS, Calif., Oct. 17 /PRNewswire-FirstCall/ -- JDSU today announced the completion of its 1-for-8 reverse stock split, which became effective at 11:59 p.m. Eastern Time on October 16, 2006. JDSU's Board of Directors approved the reverse stock split last month, following stockholder approval on December 1, 2005. JDSU's common stock will begin trading on the NASDAQ on a split adjusted basis when the market opens today, October 17, 2006, under the temporary trading symbol "JDSUD." The trading symbol will revert back to "JDSU" on November 14, 2006.
The reverse split reduced the number of shares of the JDSU's common stock outstanding from approximately 1.7 billion to approximately 211 million. Furthermore, proportional adjustments were made to JDSU stock options and other equity incentive awards, equity compensation plans and convertible notes. The number of authorized shares of common stock was reduced from 6 billion to 1 billion.
The exchangeable shares of JDS Uniphase Canada Ltd. ("JDU"), a subsidiary of JDSU listed on the Toronto Stock Exchange, effected a comparable reverse stock split at the same ratio of 1-for-8. No adjustment to the trading symbol "JDU" was made for the exchangeable shares. The reverse stock split reduced the number of exchangeable shares outstanding from approximately 51 million to approximately 6 million.
Information for Stockholders
JDSU stockholders will receive one new share of JDSU common stock for every eight shares held. Registered holders of JDSU common stock, listed on the NASDAQ, will receive a letter of transmittal shortly with instructions for the exchange of stock certificates. Stockholders with shares in brokerage accounts will be contacted by their brokers with instructions. American Stock Transfer and Trust Company will act as the exchange agent, and can be contacted at (800) 937-5449.
A letter of transmittal was mailed on October 12, 2006 to registered holders of JDU exchangeable shares with instructions for the exchange of stock certificates. Stockholders with shares in brokerage accounts will be contacted by their brokers with instructions. CIBC Mellon will act as the exchange agent, and can be contacted at (800) 387-0825.
JDSU will not issue fractional shares as a result of the reverse stock split. For registered stockholders, the transfer agents for JDSU common stock (American Stock Transfer and Trust Company) and for JDU exchangeable shares (CIBC Mellon), will aggregate all fractional shares and arrange for their sale on the open market shortly after the effective date. Following the sale, stockholders will receive a cash payment from the transfer agent in an amount equal to the stockholders' pro rata share of the total net proceeds of these sales. No transaction costs will be assessed. Stockholders with shares held in brokerage accounts are encouraged to contact their brokers with any questions as some brokers may have different procedures for payment of fractional shares.
More information on JDSU's reverse stock split is available in our "Reverse Stock Split Fact Sheet and FAQ" available at www.jdsu.com/investors.
About JDSU
JDSU (Nasdaq: JDSU; TSX: JDU) is committed to enabling broadband & optical innovation in the communications, commercial and consumer markets. JDSU is a leading provider of communications test and measurement solutions and optical products for telecommunications service providers, cable operators, and network equipment manufacturers. Furthermore, JDSU is a leading provider of innovative optical solutions for medical/environmental instrumentation, semiconductor processing, display, brand authentication, aerospace and defense, and decorative applications. More information is available at www.jdsu.com.
Investors: Jacquie Ross, 408-546-4445 or investor.relations@jdsu.com
SOURCE
JDSU
CONTACT: investors, Jacquie Ross, +1-408-546-4445, or investor.relations@jdsu.com, or press, Kathleen Greene, +1-408-546-5852, or kathleen.greene@jdsu.com, both of JDSU
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