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Oclaro reports reverse stock split

Oclaro has announced a reverse stock split to take place at the end of the month.
Optical and laser component developer Oclaro has announced a reverse stock split as part of its preliminary results for the third fiscal quarter.

The company is to undertake a one-for-five reverse stock split that will hopefully boost the value of its remaining shares. It is to undertake this action from the opening of trading on the US Nasdaq on April 30th.

"By executing a reverse stock split we believe the higher share price will appeal to a broader universe of institutional investors," said Alain Couder, president and chief executive officer of the firm.

He added that demand for the company s services remains strong and this has led to a revenue forecast of $101.2 million (£65.6 million) for the third quarter of the financial year - in line with the firm s $97-$102 million prediction which was set out in its second quarter results from February 1st.

Oclaro presently has a share price of $2.73 (April 15th, 14:14 BST).
ADNFCR-2855-ID-19724091-ADNFCR
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