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Sycamore Networks, Inc. Announces Intent to Proceed with Dissolution

  Sycamore Networks, Inc. Announces Intent to Proceed with Dissolution

       Certificate of Dissolution Expected to be Filed on March 7, 2013

Business Wire

CHELMSFORD, Mass. -- March 4, 2013

Sycamore Networks, Inc. (NASDAQ: SCMR) (the “Company”) announced today that
its Board of Directors has determined that, for the reasons stated in the
Definitive Proxy Statement filed with the Securities and Exchange Commission
(the “SEC”) in connection with the Special Meeting of Stockholders of the
Company held on January 29, 2013 (the “Special Meeting”), and after reviewing
strategic alternatives for all of the Company’s assets and available options
for providing value to the Company’s stockholders, it is advisable and in the
best interest of the stockholders for the Company to proceed with its
previously announced liquidation and dissolution in accordance with the plan
of complete liquidation and dissolution that the stockholders approved at the
Special Meeting, effective as of the close of business on March 7, 2013.

The Company intends to file a certificate of dissolution with the Delaware
Secretary of State on March 7, 2013 (the “Certificate of Dissolution”). In
connection with the filing of the Certificate of Dissolution, the Company will
close its stock transfer books and discontinue recording transfers of its
common stock, $0.001 par value per share (the “Common Stock”), as of 5:00 p.m.
Eastern Time on March 7, 2013. The Board has fixed March 7, 2013 as the final
date for the recording of stock transfers and as the record date for
determining Company stockholders entitled to receive any future distributions
of available assets. Only those stockholders of record as of the close of
business on March 7, 2013 will be entitled to such future distributions.
Subject to uncertainties inherent in the winding up of its business, the
Company expects to make one or more liquidating distributions as promptly as
practicable after paying, or providing for the payment of, any outstanding
claims in accordance with Delaware law. No assurances can be made as to the
ultimate amounts to be distributed or the timing of any distributions.

The Company intends to submit a request to The NASDAQ Stock Market (“NASDAQ”)
to suspend trading of the Common Stock on The NASDAQ Global Select Market
effective as of the close of trading on March 7, 2013. The Company also
intends to notify NASDAQ that it will file a Form 25 with the SEC on or about
March 15, 2013 and request that NASDAQ delist the Common Stock from The NASDAQ
Global Select Market effective prior to the opening of trading on March 25,
2013. Following the suspension of trading of the Common Stock on The NASDAQ
Global Select Market, shares of the Common Stock held in street name with
brokers may be traded in the over-the-counter market on an electronic bulletin
board established for unlisted securities, such as the OTC Bulletin Board or
the Pink Sheets. The Company advises its stockholders that the suspension of
trading of the Common Stock on The NASDAQ Global Select Market may reduce the
Common Stock’s market liquidity and, as a result, investors may find it more
difficult to dispose of, or obtain accurate quotations for the price of, the
Common Stock, if they are able to trade the Common Stock at all.

About Sycamore Networks, Inc.

Sycamore Networks, Inc. (NASDAQ: SCMR) is based in Chelmsford, Massachusetts.
For more information, please visit www.scmrinc.com.

Safe Harbor for Forward-Looking Statements

We wish to caution you that certain matters discussed in this press release
may constitute “forward-looking statements,” as defined under the federal
securities laws. Risks and uncertainties relating to the Company could cause
actual events and results to differ materially from those stated or implied in
such statements. Potential risks and uncertainties include, among others, the
Company’s Board of Directors may determine to abandon or delay the
implementation of the plan of complete liquidation and dissolution of the
Company; the Company’s inability to predict the timing or amount of any
additional cash distributions to stockholders; in the event that the Company
proceeds with the plan of complete liquidation and dissolution, the Company’s
stockholders could be liable to the Company’s creditors in the event that the
Company fails to create an adequate contingency reserve to satisfy claims
against it; the limited ability of our stockholders to trade our stock after
we close our stock transfer books, and the Company’s continuing costs
associated with complying with public company reporting requirements. More
information about potential factors that could affect the Company’s
dissolution and the amount of any future distributions is included in the
section entitled “Risk Factors” in the Company’s filings with the Securities
and Exchange Commission. The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new
information, future results or otherwise.

Contact:

Sycamore Networks, Inc.
Alan Cormier, 978-250-2921
General Counsel and Secretary
alan.cormier@sycamorenet.com
 
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