UTStarcom Announces Results of Extraordinary Meeting of Shareholders and Effectiveness of One-for-Four Reverse Share Split - Seite 2

As a result of the meeting, the one-for-four reverse split of the Company’s Ordinary Shares shall become effective on June 28 2022, as of 4:30 p.m. Eastern Time, with trading currently expected to commence on the post-reverse split-adjusted basis on the NASDAQ Global Select Market as of the opening of trading on Wednesday, June 29, 2022.

Every four shares of the Company’s issued and outstanding Ordinary Shares, upon effectiveness of the reverse share split, will convert automatically into one issued and outstanding share of the Company’s Ordinary Shares, subject to the elimination of fractional shares, with an increase in the par value per share from $0.00375 to $0.015. The reverse share split will affect all issued and outstanding Ordinary Shares, as well as Ordinary Shares underlying stock options, restricted stock units, and other Ordinary Share-based equity grants outstanding immediately prior to the effectiveness of the reverse share split. The Company’s transfer agent will distribute to shareholders of record instructions regarding how to exchange certificates representing the previously outstanding shares for certificates representing the new issued shares.

No fractional shares will be issued in connection with the reverse share split. Shareholders who would otherwise hold a fractional Ordinary Share will receive a cash payment in lieu of such fractional share based on the closing price of the Ordinary Shares on the NASDAQ Global Select Market on the trading day immediately before the effective date of the reverse share split.

Additional information about the reverse share split can be found in the Company’s proxy statement filed with the Securities and Exchange Commission on May 27,2022, copies of which are available at www.sec.gov or at https://www.utstar.com/?q=investor-relations/sec-filing

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.