Emulex Plans Special Spinoff Meeting

Emulex Corp., a maker of computer components and networking software, said Tuesday it will hold a special stockholders meeting as part of the process of spinning off its QLogic subsidiary as a separate company.

The meeting will take place at 10 a.m. Feb. 24 at the company’s headquarters in Costa Mesa, 3535 Harbor Blvd. Stockholders will be asked to vote on a transaction known as a one-for-two reverse stock split and a tax-free distribution of QLogic Corp. shares.

For example, each shareholder of 100 shares outstanding of Emulex stock would end up with 50 shares of Emulex stock and 50 shares of QLogic stock if the deal is approved. QLogic would then be spun off as a separate company.

While Emulex provides products that connect computer networks together, QLogic focuses on making products such as computer chips based on the small computer system interface, or SCSI standard, which allows computers to be hooked with ease to peripherals such as printers.

Stockholders of record as of Jan. 14 will be allowed to vote at the special meeting.