Investing
Sun Microsystems Reflects Ticker Change Over 1-4 Reverse Split (JAVA, JAVAD)
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Sun Microsystems (NASDAQ:JAVA) (NASDAQ:JAVAD) traders may have a bit of identity crisis for the next month as the stock will begin trading ex-split to reflect its previously approved 1 for 4 reverse stock split. The high-end server maker and owner of the rights to Java will temporarily change its stock ticker to "JAVAD" to reflect its 1 for 4 reverse stock split. The "D" added on will trade that way for twenty trading days before reverting back to the "JAVA" ticker.
Any fractional shares will be paid out in cash rather than in fractions of a share. Based upon a $5.14 close, this would in theory have a $20.56 equivalent open if there were no price change.
Keeping the books at the company is about to get much simpler. The total of authorized number of shares of common stock will be reduced from 7,200,000,000 to 1,800,000,000. The par value of common stock would change from $0.00067 to $0.001 per share.
Unless the stock takes another severe haircut, it looks like Sun Microsystems won’t be appearing in the "10 Stocks Under $10" newsletter any longer.
Jon C. Ogg
November 12, 2007
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