Sanmina Corp. filed a proxy report today with the U.S. Securities and Exchange Commission to upgrade its authorized common stock to 500 million shares from 200 million shares.
The proposed amendment will be decided by a vote scheduled for the annual shareholder's meeting which will be held Jan. 28 at the CEM's Milpitas, Calif., headquarters.
In the proxy statement, Sanmina executives stated, "the number of shares remaining available is not considered adequate for the company's future possible requirements."
The proxy statement was mailed to all Sanmina stockholders. As of Dec. 18, 1999, approximately 59 million Sanmina shares were held by 1,030 stockholders.
As of Oct. 2, 1999, about 58.9 million shares of common stock with a par value of a penny per share were issued outstanding. Another 12.6 million shares were reserved for issuance under company stock options and stock purchase plans.
Sanmina's board of directors indicated the stock upgrade was needed to enable the company to proceed with corporate mergers, acquisitions of property, employee benefit plans, and other general corporate issues.