Sycamore Networks Inc. (SCMR) announced the completion of its one-for-ten reverse stock split of common stock. The company's common stock will begin trading on a split-adjusted basis at the open of trading on December 22.
The reverse stock split reduced the number of shares of outstanding common stock from approximately 284 million as of the filing of the company's most recent Quarterly Report on Form 10-Q to approximately 28.4 million. The number of shares of common stock that the company is authorized to issue was reduced from 2.5 billion to 250 million.
Sycamore's common stock will continue to trade on the Nasdaq Global Select Market under the symbol, SCMR, with the letter, D, added to the end of the trading symbol for a period of 20 trading days to indicate the reverse stock split has occurred. The company's symbol will revert back to its original symbol, SCMR, on January 22.
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