Reverse Split opportunities

[BUBBA]

MSPD .80 might be a good one. Mindspeed Announces 1-for-5 Reverse Stock Split

Monday , June 02, 2008 08:30ET

NEWPORT BEACH, CA -- (MARKET WIRE) -- 06/02/08 -- Mindspeed Technologies, Inc. (NASDAQ: MSPD), a leading supplier of semiconductor solutions for network infrastructure applications, today announced that a special committee of its Board of Directors has approved a 1-for-5 reverse split of its common stock, following approval by the Company's stockholders on April 7, 2008. The reverse stock split will be effective at 11:59 p.m., Eastern Time, on June 30, 2008. Mindspeed's common stock will begin trading on The NASDAQ Global Market on a split adjusted basis when the market opens on July 1, 2008, under the temporary trading symbol "MSPDD." The trading symbol will revert to "MSPD" after approximately twenty trading days.

The reverse split will reduce the number of shares of Mindspeed's common stock outstanding from approximately 119.1 million to 23.8 million. Proportional adjustments will be made to Mindspeed stock options and other equity incentive awards, equity compensation plans, outstanding warrants and convertible notes. The number of authorized shares of common stock will be reduced from 500 million to 100 million.

Information for Stockholders

Upon effectiveness of the reverse stock split, Mindspeed stockholders will receive one new share of Mindspeed common stock for every five shares held. Registered holders of Mindspeed common stock holding stock certificates will receive a letter of transmittal with instructions for the exchange of stock certificates. No action is required by stockholders holding Mindspeed common stock in book-entry form. Immediately following the effective date of the reverse stock split, a new Direct Registration System statement will be sent to book-entry form stockholders reflecting the number of shares held following the reverse stock split. Stockholders with brokerage accounts should contact their brokers to receive instructions. Mellon Investors Services LLC will act as the exchange agent and can be contacted at 1-800-853-4954.

Mindspeed will not issue fractional shares as a result of the reverse stock split. The exchange agent will aggregate all fractional shares and arrange for their sale on the open market shortly after the effective date. Following the sale, stockholders will receive a cash payment from the exchange agent in an amount equal to the stockholder's pro rata share of the total net proceeds of these sales. Stockholders with shares in brokerage accounts should contact their brokers with any questions as some brokers may have different procedures for payment of fractional shares.

Information for Holders of Convertible Notes

Due to the reverse stock split, the conversion price for Mindspeed's 3.75% convertible senior notes due in November 2009 will be adjusted from $2.31 per share of common stock to $11.55 effective July 1, 2008. Holders of convertible notes may contact Wells Fargo Bank, N.A., the trustee, with any questions.

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