Procera Networks Announces Effective Date of Reverse Stock Split
February 03 2011 - 9:00AM
Marketwired
Procera® Networks Inc. (NYSE Amex: PKT), the intelligent policy
enforcement company, today announced that its 1-for-10 reverse
stock split of its common stock will take effect at 5:00 p.m. ET on
Friday, February 4, 2011. The Company's common stock will begin
trading on a post-split basis on Monday, February 7, 2011.
As previously announced, each outstanding 10 shares of Procera
Networks' common stock will be combined into one share of common
stock. Beneficial holders of the stock will see the revised share
totals and revised stock price reflected on their electronic
accounts. Registered holders will be advised by the Company's
transfer agent to exchange their outstanding pre-split stock
certificates for new ones. The reverse stock split affects all of
the Company's common stock outstanding immediately prior to the
effective time of the reverse stock split as well as the number of
shares of common stock available for issuance under the Company's
equity incentive plan. In addition, the reverse stock split will
effect a reduction in the number of shares of common stock issuable
upon the exercise of stock options or warrants. Fractional shares
will be paid by the Company in cash at the average of the high and
low trading prices of the common stock for the five days prior to
the effective date of the split. In addition, the number of
authorized shares of common stock will be reduced from 130 million
to 32.5 million.
At the Company's 2010 Annual Meeting of Stockholders,
stockholders overwhelmingly approved a series of alternative
amendments to the Articles of Incorporation to effect, at the
discretion of the Board, the reverse stock split of Procera
Networks common stock. The purposes of the reverse stock split are
to increase the per share trading price of the Company's common
stock, thereby appealing to a broader range of investors.
About Procera Networks Inc. Procera
Networks Inc. delivers Intelligent Policy Enforcement (IPE)
solutions, leveraging advanced Deep Packet Inspection (DPI)
technology. This enables carriers, services providers and higher
education institutions to improve the quality and lifetime of their
networks, better monetize their infrastructure investments, control
hazards, and create attractive services for their users by making
qualified business decisions based on granular user and traffic
intelligence. Procera's core product suite, the PacketLogic line of
platforms, is an engine that drives the PCC (Policy and Charging
Control) ecosystem, by enforcing advanced network and service
policies. PacketLogic is deployed at more than 600 customers who
value the unparalleled accuracy and high-end performance of the
PacketLogic solution. Founded in 2002, Procera (NYSE Amex: PKT) is
based in Silicon Valley and has offices around the globe. More
information is available at www.proceranetworks.com.
Safe Harbor Statement: This press release
contains forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995 (the "Act"). In
particular, when used in this press release, the words "plan,"
"confident that," "believe," "scheduled," "expect," or "intend to,"
and similar conditional expressions are intended to identify
forward-looking statements within the meaning of the Act and are
subject to the safe harbor created by the Act. Such statements are
subject to certain risks and uncertainties and actual results could
differ materially from those expressed in any of the
forward-looking statements. Such risks and uncertainties include,
but are not limited to, the ability of Procera to commercialize the
applicable technology and introduce products and the acceptance of
those products by the market, the ability of resellers to sell the
Procera products, market conditions, the general acceptance of the
Company's products and technologies, competitive factors, timing,
and other risks described in the Company's reports and filings with
the SEC from time to time.
Procera Networks is a registered trademark, and PacketLogic and
DRDL are trademarks of Procera Networks, Inc. All rights reserved.
All other products or brands mentioned are trademarks and/or
service marks of their respective owners.
Press Contact Diana Loredo Procera Networks
1-408-890-7039 diana.loredo@proceranetworks.com Investor
Relations Contact Charles Messman or Todd Kehrli MKR Group Inc.
323-468-2300 pkt@mkr-group.com
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