Graphics chip maker
Nvidia Corp. has filed preliminary paperwork with the Securities and Exchange Commission (SEC) to double its shares of common stock.
In a letter sent to stockholders, Nvidia Corp. announced its annual meeting for stockholders, to be held on Thursday, July 11, 2002 at 2 pm at Nvidia’s executive offices in Santa Clara, Calif. On the list of issues to vote on is the election of two directors, ratification of auditing firm KPMB LLP to use for the company’s fiscal year 2002 reports, and any other business brought before the meeting.
Additionally, Nvidia Corp.’s Board of Directors is introducing an amendment to the company’s certificate of incorporation which will increase the authorized number of shares of common stock from 500 million to 1 billion shares, effectively doubling the amount of common stock. The company said it had about 151.2 million shares of common stock outstanding at the end of March.
According to the documentation published by Nvidia, the added stock could be used to raise capital, provide equity incentives to the company’s employees, establish strategic relationships with other companies, expand the company’s business and products through acquisitions, provide stock dividends to existing share holders, and other purposes.
Nvidia makes the graphics processing units (GPUs) used on some graphics cards and subsystems incorporated in Macintosh models, including some Power Mac G4 configurations, the flat-panel equipped iMac and the new education-only eMac. Nvidia Corp. is a rival to ATI Technologies Inc., whose hardware appears in other Power Mac G4 models, PowerBook G4s, iBooks and G3-equipped CRT-based iMacs. Nvidia also supplies graphics hardware to numerous Wintel-based PC makers and third-party graphics card makers.