The value of Powerwave Technologies Inc. rose 12% Tuesday after the company filed a proxy statement about its plans for a three-for-one stock split and an increase of authorized shares to 135 million from 40 million.
Shares of the Irvine maker of power amplifiers for wireless communications rose $17.75 Tuesday to close at $168.88 a share.
The company's proxy statement, filed with the Securities and Exchange Commission, said the proposals will be submitted to shareholders at their annual meeting, which is scheduled for April 26.
The company said it believes that the stock split will allow for more affordable shares, which should allow a broader range of investors to buy the stock. That, in turn, would create more liquidity in each shareholder's investment in the company.