sycamore networks inc (SCMR) Key Developments
Sycamore Networks Inc. Announces Management Changes
Apr 1 13
Sycamore Networks Inc. announced on March 27, 2013, each of Gururaj Deshpande, John W. Gerdelman and Craig R. Benson tendered his resignation from the Board, in each case effective as of the close of business on April 1, 2013. The resignations were not due to any disagreement with Sycamore on any matter. Following the acceptance of such resignations, the Board reduced the number of directors constituting the Board to three, effective as of the close of business on April 1, 2013. On March 27, 2013, the Board also approved the termination of the employment of (a) Paul F. Brauneis, Sycamore’s Vice President of Finance and Administration, Chief Financial Officer and Treasurer, effective as of April 1, 2013, and (b) Daniel E. Smith, Sycamore’s President and Chief Executive Officer, and Kevin J. Oye, Sycamore’s Vice President, Systems and Technology, in each case effective as of April 8, 2013. On March 27, 2013, the Board appointed Alan R. Cormier, Sycamore’s current General Counsel and Secretary, as the President and Chief Executive Officer of Sycamore, effective immediately following the departure of Daniel E. Smith as President and Chief Executive Officer on April 8, 2013. Also on March 27, 2013, the Board appointed Anthony Petrillo, Sycamore’s current Corporate Controller and Assistant Secretary, as Chief Financial Officer and Treasurer, effective immediately following the departure of Paul F. Brauneis as Vice President of Finance and Administration, Chief Financial Officer and Treasurer on April 1, 2013. On March 27, 2013, the Board elected Alan R. Cormier to serve as a Class III director, effective immediately following the effectiveness of the resignation of Mr. Deshpande, to fill the vacancy created by such resignation for the unexpired term of Mr. Deshpande, subject to the election and qualification of Mr. Cormier’s successor and to his earlier death, resignation or removal.
Sycamore Networks Inc.(OTCPK:SCMR) dropped from NASDAQ Telecom Index
Mar 18 13
Sycamore Networks Inc. will be removed from NASDAQ Telecom Index.
Sycamore Networks Inc.’s Common Stock To Be Deleted From NASDAQ
Mar 7 13
Sycamore Networks Inc.’s common stock will be deleted from NASDAQ effective March 8, 2013. The common stock will be added to Other OTC.
Sycamore Networks Intends To Submit Request To NASDAQ To Suspend Trading Of Common Stock On NASDAQ Global Select Market
Mar 4 13
Sycamore Networks Inc. announced 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.
Sycamore Networks To Sell Assets
Mar 4 13
Sycamore Networks Inc. will proceed with the liquidation and dissolution of assets according to the plan of complete liquidation and dissolution that the shareholders had approved as of the close of business on March 7, 2013. The plan was decided after reviewing strategic alternatives for all of Sycamore's assets and available options for providing value to Sycamore's stockholders