UTStarcom Announces Date for Extraordinary General Meeting to Approve Reverse Share Split

Rhea-AI Summary

UTStarcom will hold an extraordinary general meeting of shareholders on June 27, 2022, at 2:00 p.m. China Standard Time. The purpose of the meeting is to seek approval for a one-for-four reverse share split aimed at enhancing the marketability and liquidity of its shares. If approved, this reverse split will take effect immediately, consolidating every four shares into one. UTStarcom is focused on delivering innovative telecommunications solutions and operates globally, particularly in Japan and India.

Positive

• Proposed reverse share split may enhance marketability and liquidity of shares.

Negative

• None.

HANGZHOU, China, May 18, 2022 (GLOBE NEWSWIRE) -- UTStarcom (“UT” or the “Company”) (NASDAQ: UTSI), a global telecommunications infrastructure provider, today announced that it will hold an extraordinary general meeting of its shareholders (the "EGM") on Monday, June 27, 2022, at 2:00 p.m. China Standard Time, to seek approval for a one-for-four reverse share split. UTStarcom's Board of Directors believes that implementing a reverse share split is likely to improve the marketability and liquidity of UTStarcom's ordinary shares.

The meeting will be held at UTStarcom's office located at 4^th Floor, South Wing, 368 Liuhe Road, Binjiang District, Hangzhou 310053, P.R. China. If approved, the reverse share split will become effective immediately upon approval by the Company's shareholders. Upon becoming effective, every four outstanding and authorized ordinary shares of UTStarcom as of the effective date will be automatically combined into one issued and outstanding ordinary share.

About UTStarcom Holdings Corp.

UTStarcom is committed to helping network operators offer their customers the most innovative, reliable and cost-effective communication services. UTStarcom offers high performance advanced equipment optimized for the most rapidly growing network functions, such as mobile backhaul, metro aggregation and broadband access. UTStarcom has operations and customers around the world, with a special focus on Japan and India. UTStarcom was founded in 1991 and listed its shares on the Nasdaq Market in 2000 (symbol: UTSI). For more information about UTStarcom, please visit http://www.utstar.com.

For investor and media inquiries, please contact:

UTStarcom Holdings Corp.
Tel: +86 571 8192 8888
Ms. Shelley Jiang, Investor Relations
Email: utsi-ir@utstar.com/ shelleyjiang@utstar.com /

In the United States:

The Blueshirt Group
Mr. Gary Dvorchak
Email: gary@blueshirtgroup.com

FAQ

What is the date of UTStarcom's extraordinary general meeting?

UTStarcom's extraordinary general meeting is scheduled for June 27, 2022.

What is the purpose of the extraordinary general meeting for UTSI?

The meeting aims to seek shareholder approval for a one-for-four reverse share split.

What will happen if the reverse share split is approved?

If approved, every four ordinary shares will be combined into one, effective immediately.

Where will the UTStarcom shareholders' meeting be held?

The meeting will be held at UTStarcom's office in Hangzhou, China.

What is the expected outcome of the reverse split for UTSI shares?

The reverse share split is likely aimed at improving the marketability and liquidity of UTSI shares.