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The Allentown, Pennsylvania company had sought permission to conduct a split to help avoid a possible delisting by the New York Stock Exchange (News - Websites) and repayment of a $410 million note issue.

Under the proposal approved by shareholders, Agere's board may authorize a 1-for-5, a 1-for-10 or a 1-for-15 split. Each split would cause Agere's share price to rise, and reduce the numebr of shares outstanding. The board has one year to authorize one of the splits, spokeswoman Vibha Agrawal said.

Under the proposal approved by shareholders, Agere's board may authorize a 1-for-5, a 1-for-10 or a 1-for-15 split. Each split would cause Agere's share price to rise, and reduce the numebr of shares outstanding. The board has one year to authorize one of the splits, spokeswoman Vibha Agrawal said.

Agere had said in a proxy statement that if its shares traded below $1 for a period of time and were delisted from the NYSE, the company would have to buy back $410 million of convertible notes that would otherwise mature in 2009.

Agere shares closed Thursday on the Big Board at $1.58, up 10 cents, or 6.8 percent.

Agere has posted several straight quarterly losses and cut costs to combat the technology spending slowdown. It projected last month that it will turn a profit in the fourth quarter of this year before one-time items. Agere lost a net $146 million, or 9 cents per share, in the quarter ending Dec. 31.

Shareholders of Agere's former parent, telecommunications equipment provider Lucent Technologies Inc. (NYSE:LU - News), authorized that company's board on Wednesday to conduct a similar reverse split.

Another Lucent spinoff, telecom network provider Avaya Inc. (NYSE:AV - News), is seeking authorization for a so-called "reverse-forward" split to cash out small shareholders.

Agere shareholders approved the reverse split at Agere's annual meeting, which was conducted in North Branch, New Jersey and broadcast over the Internet.