"Following the completion of the tender offer, the Company will distribute to shareholders a proposal for the reverse share split. The proposed 3-for-1 reverse share split is subject to the approval of UTStarcom's shareholders. The Company therefore will hold a special meeting of shareholders, at which time it will seek such approval. Timing and the details of the special meeting will be communicated at a later date. UTStarcom currently expects the reverse split to be completed by the end of the first quarter of 2013.
When the proposed reverse share split becomes effective, every three outstanding and authorized ordinary shares of UTStarcom as of the effective date will be automatically combined into one issued and outstanding ordinary share. This will reduce the number of outstanding ordinary shares from approximately 118.7 million (assuming $30 million of shares are repurchased at $1.20 per share on the tender offer) to approximately 39.6 million."