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International Rectifier Proposes Increase in Authorized Shares
December 17, 2003 |Estimated reading time: 1 minute
El Segundo, Calif. — International Rectifier Corp. announces that its Board of Directors has approved, subject to stockholder approval, an amendment to the company's Certificate of Incorporation to increase the authorized number of shares of common stock from 150 million to 330 million.
As of December 12, 2003, there were approximately 92,271,016 shares issued and outstanding or reserved in connection with the company's outstanding convertible notes and employee stock incentive and purchase plans.
The company intends to present the amendment to its stockholders for approval at a special meeting of stockholders to be held on or about January 26, 2004. Stockholders of record at the close of business on December 19, 2003, will be entitled to notice of and to vote in person or by proxy at the special meeting.
The Board of Directors believes that the proposed increase in authorized shares will enhance the company's flexibility in connection with possible future actions — such as stock splits, stock dividends, acquisitions or other corporate purposes. Other than increasing the authorized shares of common stock from 150 million to 330 million, the proposed amendment in no way changes the Certificate of Incorporation.
The Board of Directors has unanimously approved the proposed amendment and determined that it is in the best interests of the company and its stockholders. If approved by the stockholders, the amendment will become effective upon filing with the Delaware Secretary of State.
International Rectifier Corp. is a world leader in power management technology. IR's analog and mixed signal ICs, advanced circuit devices, integrated power systems, and components enable high performance computing and reduce energy waste from motors, the world's single largest consumer of electricity. For more information, visit www.irf.com.