AstroPower Inc. (Newark, DE) announced that its board of directors approved a three-for-two split of its common stock to be effected in the form of a 50-percent stock dividend. As a result of the stock split, shareholders of record at the close of business on May 20, 2002, will receive one additional share of AstroPower common stock for every two shares owned. Shares resulting from the stock split will be distributed on May 31, 2002, and the company will pay cash in lieu of fractional shares. The stock split will reduce the price per share and will increase the number of shares outstanding to approximately 21.7 million from 14.5 million.
Allen Barnett, president and CEO of AstroPower, stated, "The stock split is in response to the company's growth over the last several years and the increase in the market price for the company's common stock over that period. The split is motivated by a strong desire on our part to broaden our stockholder base and help improve the market liquidity in our stock."
