EMCORE ANNOUNCES 2-FOR-1 STOCK SPLIT
SOMERSET, N.J. -- August 24, 2000--EMCORE Corporation (NASDAQ: EMKR) announced
today that its Board of Directors has declared a two-for-one stock dividend to
be effected as a special stock distribution of one share of common stock for
each share of the Company's common stock outstanding. Stockholders of record on
September 18, 2000, will receive one additional share of common stock for each
share of the Company's common stock held on that date.
The payment date will be September 25, 2000. On or about that date, the new
shares will be mailed from the Company's transfer agent, American Stock Transfer
& Trust Company. The stock split will increase the number of shares outstanding
to approximately 34 million. The Company expects that its outstanding common
stock will begin to trade on a post-split basis on September 26, 2000.
Reuben Richards, EMCORE's President and Chief Executive Officer, commented,
"This dividend should broaden the distribution and increase the marketability
and liquidity of EMCORE common stock. Equally important, growth among all of our
product lines has exceeded expectations, and management believes the Company's
product opportunities will continue to enhance the value per share on a
post-split basis."
Appropriate adjustments will be made in accord with the relevant conversion and
exercise terms of EMCORE instruments to acquire EMCORE common stock.
EMCORE Corporation offers a versatile portfolio of compound semiconductor
solutions for the rapidly expanding broadband and wirelesss communications and
solid state lighting markets. The Company's integrated solutions philosophy
embodies state of the art technology, material science expertise and a shared
vision of our customer's goals and objectives to be leaders and pioneers in the
rapidly growing world of compound semiconductors. EMCORE's solutions include:
optical components for high speed data and telecommunications; solar cells for
global satellite communications; electronic materials for high bandwidth
communications systems, such as Internet access and wireless telephones; MOCVD
tools for the growth of GaAs, AlGaAs, InP, InGaAsP, GaN, InGaN, AlGaN, and SiC
epitaxial materials used in numerous applications, including data and
telecommunications modules, cellular telephones, solar cells and high brightness
LEDs. For further information about EMCORE, visit Error! Bookmark not defined..
The information provided herein may include forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 relating to future events that involve risks and
uncertainties. Actual operating results may differ materially from such
forward-looking statements and are subject to certain risks, including risks
arising from: cancellations, rescheduling or delays in product shipments;
manufacturing capacity constraints; lengthy sales and qualification cycles;
difficulties in the production process; changes in semiconductor industry
growth, increased competition, delays in developing and commercializing new
products, and other factors described in EMCORE's filings with the Securities
and Exchange Commission. The forward-looking statements contained in this news
release are made as of the date hereof and EMCORE does not assume any obligation
to update the reasons why actual results could differ materially from those
projected in the forward-looking statements.
