April 16, 2010 (FinancialWire) — Oclaro, Inc. (NASDAQ: OCLR), a provider of optical components, modules and subsystems to the telecom industry, said that its board of directors has approved a one-for-five reverse split of the company’s  common stock.

The reverse stock split, which the company said has been approved by its shareholders, will be effective on April 29.

Oclaro's common stock will begin trading on NASDAQ on a split adjusted basis when the market opens on April 30, under the temporary trading symbol "OCLRD."  The trading symbol will revert to "OCLR" after around 20 trading days.  

Alain Couder, CEO of Oclaro, said, "By executing a reverse stock split we believe the higher share price will appeal to a broader universe of institutional investors."

He added that a lower share count, “will better reflect the progress of our anticipated earnings improvements on a per share basis."

California-based Oclaro is a provider of optical components, modules and subsystems to the telecommunications market, and is a provider to metro and long-haul network applications. The company was formed on April 27, 2009 following the combination of Bookham, Inc. and Avanex Corp.

Oclaro has chip fabrication facilities in the U.K., Switzerland and Italy, and manufacturing sites in the U.S., Thailand and China.

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