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BLUE BELL, Pa. — C&D Technologies, Inc. (the “Company”) announced today that it filed an amendment (the “Amendment”) to its amended and restated certificate of incorporation to decrease the number of authorized shares of the Company's common stock, par value $.01 per share (“Common Stock”), from 600,000,000 to 25,000,000 (the “Authorized Share Reduction”). The Amendment also effected a reverse stock split of the issued and outstanding and treasury shares of Common Stock at a ratio of 1-for-35 (the “Reverse Stock Split”).
Pursuant to the Reverse Stock Split, each 35 shares of the issued and outstanding and treasury shares of Common Stock will be combined and reclassified into 1 share of Common Stock. Each stockholder otherwise entitled to receive a fractional share of Common Stock as a result of the reverse stock split will receive one full share of Common Stock in lieu of the Company issuing such fractional share or paying cash in respect thereof.
The Table below sets forth the effect of the Reverse Stock Split. The columns labeled “After Reverse Stock Split” and “After Authorized Share Reduction” in the table do not reflect the adjustments that will result from the elimination of fractional shares of our common stock in connection with the Reverse Stock Split as described above. We cannot calculate at this time the number of whole shares that will be issued in lieu of fractional shares as a result of the Reverse Stock Split.
The Company previously filed an Information Statement on Schedule 14C with the Securities and Exchange Commission describing, among other things, the Authorized Share Reduction and the Reverse Stock Split.
{complink 9190|C&D Technologies Inc.}
Bolaji, I wonder what the impact to TI would have been if the company hadn’t taken the initiatives to increase manufacturing capacity over the last couple of years as you mentioned on your recent article, “TI Makes Big Bet on Growth”.
Could it be that the electronic companies affected by the natural disaster in Japan is as a result of lack of foresight.
Is it not too sensitive if larger percentage of our electronics,IC and components come from Japan alone.
Is there anything like “backup plan” for such a time like this?
Or Is it that we never expect Japan to come to a time as this?
Bolaji,
I am surprised at the number of Fabs and manufacturing units present in Japan. I think its high time companies should start thinking to diversify the manufacturing units to different places so that the in the event of catastrophy supply chain is not affected. Luckily for TI it has acquired couple of fabs during recession. As you pointed out these fabs can be used to compensate for the loss of output from Miho, but the bigger question is , what will be the long term solution ?
I think the best lesson to learn from Japan Earthquake is not to be putting all our eggs in one basket.
i feel divisifying manufacturing units to different places to be the best option.
Natural calamities in Japan are affecting each one in a different fashion. the situations of the calamities are literally getting worst day over day . there will be impact on TI sales not only from the attack also stop of symbian os will add on to it. but by now they must have found out some alternative to sustain their sales mark.