Zhone Announces One-for-Five Reverse Stock Split

Zhone Technologies announced a one-for-five reverse stock split of its common stock which will become effective on or about March 11, 2010. The reverse stock split was authorized by Zhone's shareholders at a special meeting held on October 16, 2008. No fractional shares of common stock will be issued as a result of the reverse stock split. Shareholders of record will receive cash in lieu of fractional shares to which they otherwise would be entitled, based upon the closing price of Zhone's common stock on the last trading day before the reverse split becomes effective.
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