Westell Stockholders Approve Reverse Stock Split
AURORA, Ill., May 31, 2017 (GLOBE NEWSWIRE) -- Westell Technologies, Inc. (NASDAQ:WSTL), a leading provider of high-performance wireless infrastructure solutions, announced that at a special meeting held on May 30, 2017, stockholders voted to approve a proposal authorizing the Board of Directors of the Company to effect a reverse stock split of the Company’s outstanding Class A and Class B Common Stock at a ratio of 1-for-4. Westell’s Class A Common Stock is expected to begin trading at the post-split level as of the commencement of trading on Thursday, June 8, 2017.
The reverse stock split is intended to increase the per share trading price of Westell’s common stock to satisfy the $1.00 minimum bid price requirement for continued listing on The NASDAQ Capital Market.
“Our NASDAQ listing is a valuable asset for the Company and its stockholders,” said Kirk Brannock, Westell’s President and CEO. “We are gratified that stockholders approved the Board of Directors’ proposal.
“Through our actions over the past year we have significantly improved profitability and positioned Westell for future revenue growth in exciting new markets like Public Safety and Centralized Radio Access Network (CRAN),” Brannock continued. “We believe that maintaining our NASDAQ listing is an important part of our turnaround.”
Westell’s transfer agent, Broadridge Capital Issuers Solutions, Inc., which is also acting as the exchange agent for the reverse split, will provide instructions to stockholders regarding the process for exchanging share certificates. Stockholders will receive cash in lieu of fractional shares.
Additional information about the reverse stock split can be found in the Company's proxy statement filed with the Securities and Exchange Commission (SEC) on April 7, 2017, a copy of which is available at www.sec.gov or in the Investor Relations section of Westell’s website at www.westell.com.
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About Westell Technologies
Westell is a leading provider of high-performance wireless infrastructure solutions focused on innovation and differentiation at the edge of communication networks where end users connect. The Company's portfolio of products and solutions enables service providers and network operators to improve performance and reduce operating expenses. With millions of products successfully deployed worldwide, Westell is a trusted partner for transforming networks into high-quality reliable systems. For more information, please visit www.westell.com.
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Released May 31, 2017