Cree Splits Stock Two-For-One
DURHAM, N.C., Nov. 2 -- Cree Inc., developer of semiconductor materials and devices based on silicon carbide, gallium nitride and related compounds, has issued a two-for-one stock split that will increase the number of shares of common stock outstanding to nearly 71.4 million. The proposed stock split received approval from Cree's board of directors and will be recorded on Dec. 1, 2000. Certificates representing the additional shares will be distributed on or about Dec. 8. The Company expects its common stock to begin trading on a post-split basis on Dec. 11. Shareholders on record at the close of business on Dec. 1 will be issued a certificate representing one additional share of common stock for each share of common stock then held. The stock split will be implemented through an amendment of the articles of incorporation not requiring shareholder approval.
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