Aureal Drops the Semiconductor, Sets Reverse Split for June 10

Aureal is trimming down. The company formerly known as Aureal Semiconductor announced today that it will become Aureal, Inc., a change meant to reflect its wider focus on digital audio imaging hardware and software rather than chips alone.

The bigger news for anyone holding shares: the 1-for-15 reverse stock split approved at the May 19 annual meeting takes effect as of the close of business on June 10. Aureal currently has roughly 150 million common shares outstanding, a count that swelled after all of its Series B and C preferred stock converted to common on May 21, the same day the company closed its $20 million subscription rights offering. Once the split goes through, that number falls to about 10 million shares. ChaseMellon Shareholder Services is acting as exchange agent and will send instructions to stockholders of record as of June 10.

Nothing here about games or sound cards, just balance sheet housekeeping from the A3D folks.