UTStarcom Announces Date for Extraordinary General Meeting to Approve Reverse Stock Split

HANGZHOU, China, May 18, 2022 (GLOBE NEWSWIRE) — UTStarcom (“UT” or the “Company”) (NASDAQ: UTSI), a global telecommunications infrastructure provider, today announced that it will hold a Extraordinary General Meeting of its shareholders (the “EGM”) on Monday, June 27, 2022 at 2:00 p.m. China Standard Time, to obtain approval for a one-for-four reverse stock split. UTStarcom’s Board of Directors believes that the implementation of a reverse stock split is likely to improve the marketability and liquidity of UTStarcom common stock.

The meeting will take place at the UTStarcom office located at 4and Floor, South Wing, 368 Liuhe Road, Binjiang District, Hangzhou 310053, People’s Republic of China. If approved, the Reverse Stock Split will become effective upon approval by the shareholders of the Company. Upon effectiveness, all four outstanding and authorized common shares of UTStarcom on the Effective Date will automatically be combined into one issued and outstanding common share.

About UTStarcom Holdings Corp.

UTStarcom is committed to helping network operators provide their customers with the most innovative, reliable and cost-effective communication services. UTStarcom offers advanced, high-performance equipment optimized for the fastest growing network functions, such as mobile backhaul, metro aggregation, and broadband access. UTStarcom has operations and customers around the world, with a particular focus on Japan and India. UTStarcom was founded in 1991 and listed its shares on the Nasdaq market in 2000 (symbol: UTSI). For more information about UTStarcom, please visit http://www.utstar.com.

For investor and media inquiries, please contact:

UTStarcom Holdings Corp.
Tel: +86 571 8192 8888
Ms. Shelley Jiang, Investor Relations
Email: [email protected]/[email protected]/

In the USA:

The Blueshirt Group
Mr. Gary Dvorchak
Email: [email protected]

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