EMCORE Completes Reverse Stock Split

ALBUQUERQUE, N.M., Feb. 16, 2012 (GLOBE NEWSWIRE) -- EMCORE Corporation (Nasdaq:EMKR) ("EMCORE"), a leading provider of compound semiconductor-based components and subsystems for the fiber optic and solar power markets, announced today the effectiveness of its 4:1 reverse stock split (the "Reverse Stock Split") of EMCORE common stock, which became effective at 5:00 p.m., Eastern Standard Time, on February 15, 2012. EMCORE's common stock will begin trading on the NASDAQ Global Market on a split adjusted basis at the opening of trading this morning under a new CUSIP number. EMCORE's Board of Directors approved the Reverse Stock Split in January 2012, following shareholder approval of the Reverse Stock Split on June 14, 2011.    

As previously disclosed, upon effectiveness of the Reverse Stock Split, every four shares of issued and outstanding EMCORE common stock were automatically combined into one issued and outstanding share of common stock without any change in the par value per share or rights and preferences of our common stock. This reduced the number of issued and outstanding shares of EMCORE common stock from approximately 94.1 million to approximately 23.5 million. The number of authorized shares of our common stock was also proportionally reduced from 200 million to 50 million. Furthermore, proportional adjustments were made to EMCORE options, warrants and other securities entitling their holders to purchase shares of EMCORE common stock.

No fractional shares were issued in connection with the Reverse Stock Split. Instead, fractional shares which resulted from the Reverse Stock Split were rounded up to the nearest whole share, other than fractional shares under EMCORE's various equity incentive plans, which fractional shares were rounded to the nearest whole share. Additional information regarding the effects of the Reverse Stock Split may be found in EMCORE's definitive proxy statement filed with the Securities and Exchange Commission on May 5, 2011.