TranSwitch seeks 1 for 20 reverse stock split

By SiliconIndia   |   Wednesday, 19 March 2003, 08:00 Hrs
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WASHINGTON: TranSwitch Corp.'s board is asking shareholders to approve a reverse split of its common stock to avoid being delisted from the Nasdaq SmallCap Market, according to a preliminary proxy filed with the Securities and Exchange Commission.

The company has asked shareholders to approve possible reverse splits of 1- for-2 to 1-for-20 shares. If the proposal is approved, the board would consider market conditions to determine which ratio to use if it implements the reverse split, the filing from Monday said.

Nasdaq notified TranSwitch on March 4 that the average closing price of its common stock was below $1 during the preceding consecutive 30 trading days. The company was given six months, or until Sept. 2, to reach a $1 average share price over 30 trading days or be delisted.

The shareholders meeting is scheduled for May 22.

TranSwitch, Shelton, Conn., designs, develops and markets digital and mixed- signal semiconductor products.

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