authorized shares

GE also said Wednesday that its board will recommend shareholders approve a reverse stock split at a ratio of 1-for-8 and a corresponding proportionate reduction in the number of authorized shares of common stock.

But Occidental needs the high number of authorized shares to pay the preferred dividend and some employee compensation, “as they need to preserve as much cash as possible,” Rowland added.

This round could value the company as highly as $330 million, assuming all authorized shares have been issued, which is unlikely.

The filing note that the company’s board on December 13 approved plans to seek a split contingent on holder approval of the mesure to boost the number of authorized shares.

However, Actel only has 55 million authorized shares and about 30 million or so outstanding shares and shares exercisable for options and other rights.