LTX-Credence Corporation (LTXC)

[StkMktPirate]

Here is the Short response:

LTX-Credence Corporation to Seek Shareholder Approval for Reverse Stock Split
MILPITAS, Calif., May 26, 2010 (GlobeNewswire via COMTEX) --LTX-Credence Corporation (Nasdaq:LTXC), a global provider of focused, cost-optimized ATE solutions, today announced that its Board of Directors has authorized the Company to submit a proposal to its shareholders at a special meeting seeking authorization to effect a reverse split of the Company's common stock at a ratio of one-to-three. Further details regarding this proposal will be forthcoming in the Company's proxy materials for the special meeting. On May 26, 2010, the Company had approximately 147 million shares of common stock outstanding.

Dave Tacelli, chief executive officer and president, commented, "We believe this transaction will broaden LTX-Credence's appeal to institutional investors, and reduce transaction costs and certain administrative expenses. Moreover, the reverse split comes at a time when LTX-Credence's strategic execution and focus on fundamentals are strengthening the company's financial and competitive position, thereby enhancing long-term shareholder value."