01—Abstract
Summary
Summary of the 8-K filed June 28, 2002. Cited figures are marked; the original filing is the authoritative source.
CIENA Corporation (CIEN) has filed an 8-K report on June 28, 2002, detailing the completion of its merger with ONI Systems Corp., effective June 21, 2002.
This strategic acquisition aims to bolster CIENA's position in the optical networking market by integrating ONI Systems' technology focused on metropolitan and regional network bandwidth solutions. Under the terms of the merger, ONI Systems shareholders received 0.7104 shares of CIENA common stock for each share of ONI Systems common stock they held, resulting in the issuance of approximately 100.7 million CIENA shares. The report also notes that key ONI Systems personnel, William R.
Cumpston and Rohit Sharma, have entered into employment agreements with CIENA. Investors should note that detailed financial statements for ONI Systems and pro forma financial information reflecting the merger's impact are available through referenced filings.
02—Key points
Key Highlights
- CIENA Corporation completed its merger with ONI Systems Corp. on June 21, 2002.
- ONI Systems' shareholders received 0.7104 shares of CIENA common stock per ONI Systems share.
- Approximately 100.7 million CIENA shares were issued in connection with the merger.
- Key ONI Systems executives, William R. Cumpston and Rohit Sharma, have joined CIENA.
- The acquisition integrates ONI Systems' optical networking equipment for metropolitan and regional networks into CIENA's portfolio.
- Financial statements for ONI Systems and pro forma financial information for the combined entity are referenced in the filing.
03—Questions
Frequently Asked Questions
What is the main purpose of this 8-K filing?
This 8-K filing announces the completion of the merger between CIENA Corporation and ONI Systems Corp., which became effective on June 21, 2002.
How were ONI Systems shareholders compensated in the merger?
ONI Systems shareholders received 0.7104 shares of CIENA Corporation's common stock for each share of ONI Systems common stock they owned.
What kind of business was ONI Systems involved in?
ONI Systems developed, marketed, and sold optical communications networking equipment designed to address bandwidth and service limitations in metropolitan area and regional networks.
Where can I find financial information related to this merger?
The filing indicates that the financial statements for ONI Systems were previously reported in CIENA's Form S-4 filing on March 20, 2002, and also in ONI Systems' Form 10-K filed on March 19, 2002. Pro forma financial information detailing the merger's impact is attached as Exhibit 99.2 to this 8-K filing.
04—Continue