Communications chip maker Applied Micro Circuits Corp. said Tuesday it completed a 1-for-4 reverse stock split of all outstanding shares of its common stock.
Also, the company reduced its authorized number of shares to 375 million from 630 million.
The stock will begin trading on the Nasdaq Global Select Market on a split-adjusted basis when the market opens on Tuesday under the symbol "AMCCD." It will revert to "AMCC" after 20 trading days.
Under terms of the split, the company reduced the number of shares outstanding to 66 million from 264 million.
Proportional adjustments were made to outstanding options and other equity incentive awards and share reserves.
Shareholders with fractional shares are entitled to a cash payment.
Companies often institute a reverse split to entice investors despite slumping shares.
When the split was announced in November, Applied Micro Circuits said a higher share price could broaden the company's appeal to investors, reduce per-share transaction fees and administrative costs.
Since the fiscal third-quarter began on Sept. 30, Applied Micro's shares fell about 20 percent to $2.44, prior to the reverse split.
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