Westell stockholders approve reverse stock split

AURORA - Westell Technologies stockholders voted to approve a proposal authorizing the board of directors to conduct a reverse stock split of the company's outstanding Class A and Class B common stock at a ratio of 1-for-4.

Westell's Class A Common Stock is expected to begin trading at the post-split level as of the commencement of trading on June 8.

The reverse stock split is intended to increase the per share trading price of Westell's common stock to satisfy the $1 minimum bid price requirement for continued listing on the Nasdaq Capital Market.

"Our Nasdaq listing is a valuable asset for the company and its stockholders," said Kirk Brannock, Westell's president and CEO. "We are gratified that stockholders approved the board of directors' proposal.

"Through our actions over the past year we have significantly improved profitability and positioned Westell for future revenue growth in exciting new markets like Public Safety and Centralized Radio Access Network," Brannock continued. "We believe that maintaining our Nasdaq listing is an important part of our turnaround."

Westell's transfer agent, Broadridge Capital Issuers Solutions, which is also acting as the exchange agent for the reverse split, will provide instructions to stockholders regarding the process for exchanging share certificates. Stockholders will receive cash in lieu of fractional shares.