Amedia Networks Okays 10-to-1 Forward Stock Split

The stock split is subject to approval during Amedia Networks’ stockholders meeting expected to be held next month.Amedia Networks Inc. (OTC BB: AANIE.OB) announced today that its board of directors has approved a forward split of the company’s common stock. Shares of the Eatontown-based company, which designs, develops and makes technology used by voice, video, and data service providers, were up $0.01 to $0.43 in early afternoon trading.

The forward stock split requires more authorized shares, which is subject to approval by Amedia’s stockholders at the annual stockholders meeting expected to be held next month.

If the increase in authorized shares is approved, Amedia will fix the record date for the forward split. Shareholders of record as of that date will receive 10 shares of the company’s common stock for every one share held. There will be no change in the par value of the shares.

The forward stock split will become effective after the record date has been fixed and notice has been given to the NASD, the securities industry regulator.

“In addition to supporting ongoing company growth, this forward stock split is intended to improve trading liquidity, broaden ownership, and enhance overall shareholder value,” said Frank Galuppo, president, CEO, and director of Amedia.