Ceradyne, Inc.'s board of directors has approved a 3-for-2 stock split.
Ceradyne, Inc. recently announced that its board of directors has approved a 3-for-2 stock split in the form of a 50% stock dividend. The stock dividend will be distributed on April 7, 2004, to stockholders of record as of the close of business on March 30, 2004. Stockholders will receive one additional share for every two shares of common stock owned on the record date. In lieu of receiving fractional shares, stockholders will receive a cash payment based on the closing price of the common stock on the record date, as adjusted for the split. As of March 10, 2004, Ceradyne has 10,628,069 shares of common stock outstanding. The stock split will increase the number of shares outstanding to approximately 15,942,103. "We believe the stock split will result in greater share liquidity and lower volatility in our stock price by increasing the number of shares in the public float," said Joel Moskowitz, chief executive officer.
For additional information, visit http://www.ceradyne.com.