MURRAY HILL, N.J.-Lucent Technologies Inc. is seeking approval to amend its previously announced plans to implement a reverse stock split of Lucent common stock.
Lucent was given permission a year ago to effect a reverse stock split, but has not yet done so. “Timing has not yet been appropriate to effect the reverse stock split in a manner that would be beneficial to the long-term value of Lucent common stock with the least amount of adverse impact on the short-term value,” the company said. The previous approval for a reverse stock split expires Feb. 19, 2004.
The company is now seeking a reverse stock split based on one of four ratios: one-for-five; one-for-10; one-for-20; or one-for-30. The option to implement the amended reverse stock split would expire Feb. 19, 2005.
