March 8, 2010 (FinancialWire) — Zhone Technologies, Inc.’s (NASDAQ: ZHNE) board of directors approved a one-for-five reverse stock split of its common stock, which will become effective on or about March 11. The reverse stock split was authorized by Zhone’s shareholders at a special meeting.

When the reverse split becomes effective, every five shares of Zhone’s issued and outstanding common stock will automatically be combined into one issued and outstanding share without any change in the par value of the shares.

Following the reverse split, the number of shares of outstanding common stock of Zhone will be proportionally reduced from around 151.4 million to 30.3 million

For a 20 trading day period beginning on the day the reverse split is effective, Zhone’s common stock will trade on a post-split basis under the trading symbol “ZHNED” as an interim symbol to denote the reverse split. After this 20 trading day period, Zhone’s common stock will resume trading under the symbol “ZHNE.”

California-based Zhone Technologies offers multi-service access solutions to network operators. The company offers a portfolio of MSAP, FTTx, EFM and Wi-Fi access technologies designed to reduce the costs of offering access services, including residential and business broadband, VoIP, and High-Definition IPTV — over copper, fiber, and wireless.

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.