Westell shareholders approve stock moves

AURORA - Westell Technologies Inc., a provider of high-performance network infrastructure solutions, announced its shareholders approved a stock split at its annual meeting this week as it moves to no longer be a publicly traded company.

Those owning fewer than 1,000 shares of the company's common stock will be converted into the right to receive $1.48 in cash per share, and such stockholders will no longer be stockholders of the company, Westell said.

Westell has given notice to Nasdaq of its intent to voluntarily delist its common stock and to withdraw the registration of its stock with the Securities and Exchange Commission. As previously announced, the company is taking these steps to avoid the substantial expense of being a public reporting company and to focus its resources on enhancing long-term stockholder value. The company anticipates savings of approximately $900,000 a year as a result of the proposed deregistration and delisting transaction.