TEL AVIV, Israel, April 2, 2013 (GLOBE NEWSWIRE) -- Alvarion® Ltd. (Nasdaq:ALVR) (TASE:ALVR) (Alvarion or the Company), a global provider of optimized wireless broadband solutions addressing the connectivity, coverage and capacity challenges of public and private networks, announced today that effective as of immediately prior to the opening of trading today (Tuesday, April 2, 2013), its ordinary shares have been subject to a reverse split on a 1:10 basis and are expected to trade on a post-reverse split basis when the NASDAQ market opens today. The Company's ordinary shares continue to trade on NASDAQ and the Tel Aviv Stock Exchange (TASE) under the symbol ALVR, and have been assigned a new CUSIP number – M0861T118. The Company's ordinary shares began to trade on a post-reverse split basis on the TASE this morning.
Upon effectiveness of the reverse split, shareholders hold one share of Alvarion in exchange for every 10 shares held by them prior to the effectiveness of the reverse split. The reverse split has reduced the number of outstanding ordinary shares of the Company from approximately 63 million to approximately 6.3 million. Proportional adjustments have been automatically made to Alvarion's outstanding stock options and other convertible securities. Alvarion has not issued any fractional shares as a result of the reverse split. Instead, all fractional shares have been rounded up to the next whole number of shares.
As previously reported by Alvarion, the reverse split is intended to increase the per share trading price of the Company's ordinary shares to satisfy the $1.00 minimum bid price requirement for continued listing on the NASDAQ Capital Market prior to April 24, 2013. There can be no assurance that the reverse split will have the desired effect of raising the trading price of the Company's ordinary shares in a manner that meets such requirement.
Shareholders holding shares in "street name" will not need to do anything in connection with the reverse split, as their share totals will be adjusted automatically. Shareholders with certificated shares are required to exchange their share certificates for new share certificates representing the appropriate number of ordinary shares resulting from the reverse split. Alvarion's transfer agent, American Stock Transfer & Trust Company, LLC, is the exchange agent for the reverse split and will distribute a letter of transmittal to shareholders with instructions for replacing old share certificates with new certificates representing the post reverse split number of ordinary shares.
Alvarion Ltd. (Nasdaq:ALVR) provides optimized wireless broadband solutions addressing the connectivity, coverage and capacity challenges of telecom operators, smart cities, security, and enterprise customers. Our innovative solutions are based on multiple technologies across licensed and unlicensed spectrums. (www.alvarion.com)
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of Alvarion's management and are subject to various factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: our failure to fully implement our 2012 turnaround plan, our inability to reallocate our resources and rationalize our business in a more efficient manner, potential impact on our business of the current global macro-economic uncertainties, the inability of our customers to obtain credit to purchase our products as a result of global credit market conditions, the failure to fund projects under the U.S. broadband stimulus program, continued delays in 4G license allocation in certain countries; the failure of the products for the 4G market to develop as anticipated; our inability to capture market share in the expected growth of the 4G market as anticipated, due to, among other things, competitive reasons or failure to execute in our sales, marketing or manufacturing objectives; the failure of our strategic initiatives to enable us to more effectively capitalize on market opportunities as anticipated; delays in the receipt of orders from customers and in the delivery by us of such orders; our failure to fully and effectively integrate the business and technology of Wavion Inc., acquired by us in November 2011, into our products and realize the expected synergies from the acquisition; the failure of the markets for our (including Wavion's) products to grow as anticipated; our inability to further identify, develop and achieve success for new products, services and technologies; increased competition and its effect on pricing, spending, third-party relationships and revenues; our inability to establish and maintain relationships with commerce, advertising, marketing, and technology providers; our inability to comply with covenants included in our financing agreements; our inability to raise sufficient funds to continue our operations, either through equity issuances or asset sales; and other risks detailed from time to time in the Company's annual reports on Form 20-F as well as in other filings with the U.S. Securities and Exchange Commission.
Information set forth in this press release pertaining to third parties has not been independently verified by Alvarion and is based solely on publicly available information or on information provided to Alvarion by such third parties for inclusion in this press release. The web sites appearing in this press release are not and will not be included or incorporated by reference in any filing made by Alvarion with the U.S. Securities and Exchange Commission, which this press release will be a part of.
You may request Alvarion's future press releases by contacting Sivan Farfuri, firstname.lastname@example.org or +972.3.767.4333. Please see the Investor section of the Alvarion website for more information: http://www.alvarion.com/investors.
Alvarion®, its logo and certain names, product and service names referenced herein are either registered trademarks, trademarks, trade names or service marks of Alvarion Ltd. in certain jurisdictions. All other names are or may be the trademarks of their respective owners.