Avici OKs Stock Split

4-to-1 split of common stock, effective at the close of business today, reduces the total to approximately 12,600,000 shares

November 8, 2002

1 Min Read

NORTH BILLERICA, Mass. -- Avici Systems Inc. (NASDAQ: AVCI - News), the specialist in reliable and scalable routing solutions for the Internet, announced today that at a special meeting of stockholders of the Company held on November 8, 2002, an amendment to the Company's Fourth Restated Certificate of Incorporation and the Certificate of Designation of Series A Junior Participating Preferred Stock to effect a reverse stock split of the Company's common stock was approved by approximately 93% of the Company's stockholders, and has been filed with the Secretary of State of Delaware. The Company's Board of Directors set the reverse split ratio at one for four. As a result of the reverse stock split, every four (4) shares of common stock will be combined into one (1) share of common stock, and the total number of issued and outstanding shares of common stock will be reduced to approximately 12,600,000 shares. The reverse stock split becomes effective as of the close of business November 8, 2002 and the Company anticipates that its shares of common stock will begin trading on the Nasdaq National Market on November 12, 2002 under the symbol "AVCID". After twenty trading days, the "D'' designation (signifying the reverse split) will be removed and the symbol will revert to "AVCI". Avici Systems Inc.

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