Unifi, Inc. is seeking stockholder approval at its 2010 annual meeting of an authorization enabling its board of directors to affect a one-for-three reverse stock split of its common stock.
“Given the recent performance of our stock and the outlook for the company's future, we believe the reverse stock split of our common stock will facilitate long-term growth and enhance our shareholder value,” said William L. Jasper, president and chief executive officer.
The reverse split will reduce the number of outstanding shares of the company's common stock from approximately 60 million shares to approximately 20 million shares with proportional adjustments being made to the company's outstanding stock options.
Unifi is a diversified producer and processor of multi-filament polyester and nylon textured yarns and related raw materials.
