KEMET Corporation's Board of Directors Fixes Reverse Stock Split Ratio; Determines to Seek Stockholder Approval to Decrease Number of Authorized Shares in July 2011
Greenville, South Carolina (October 26, 2010) - KEMET Corporation (NYSE
Amex: KEM) announced today that, in connection with its previously announced proposed Reverse Stock Split, its Board of Directors has fixed the Reverse Stock Split ratio at one-for-three (1:3). The Company is currently soliciting proxies for the proposed Reverse Stock Split, and is seeking authority from the stockholders to establish a ratio of between one-for-three (1:3) and one-for-five (1:5). Today's action by the Board of Directors establishes the ratio at one-for-three (1:3) if the proposal is approved by the stockholders at the Special Meeting set for November 3, 2010. The Board also determined to seek stockholder approval to reduce the number of authorized shares of common stock from 300,000,000 to 175,000,000 at the Company's next Annual Meeting of Stockholders in July 2011, if the Reverse Stock Split is approved by the stockholders and becomes effective.
Other information concerning the proposed Reverse Stock Split, including a description of the potential effects of the Reverse Stock Split, is set forth in the Definitive Proxy Statement.
About KEMET
The Company's common stock is listed on the NYSE Amex under the ticker symbol "KEM" (NYSE Amex: KEM). At the Investor Relations section of our web site at www.KEMET.com/IR, users may subscribe to KEMET news releases and find additional information about our Company. KEMET applies world class service and quality to deliver industry leading, high performance capacitance solutions to its customers around the world and offers the world's most complete line of surface mount and through hole capacitor technologies across tantalum, ceramic, film, aluminum, electrolytic, and paper dielectrics. Additional information about KEMET can be found at www.kemet.com.
Contact:
William M. Lowe, Jr.
Executive Vice President and Chief Financial Officer
williamlowe@KEMET.com
864-963-6484
