8-KOther Events

CIENA CORP 8-K Report (Jun 28, 2002)

Filed June 28, 2002For Securities:CIEN

Summary

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.

Key Highlights

  • 1CIENA Corporation completed its merger with ONI Systems Corp. on June 21, 2002.
  • 2ONI Systems' shareholders received 0.7104 shares of CIENA common stock per ONI Systems share.
  • 3Approximately 100.7 million CIENA shares were issued in connection with the merger.
  • 4Key ONI Systems executives, William R. Cumpston and Rohit Sharma, have joined CIENA.
  • 5The acquisition integrates ONI Systems' optical networking equipment for metropolitan and regional networks into CIENA's portfolio.
  • 6Financial statements for ONI Systems and pro forma financial information for the combined entity are referenced in the filing.

Frequently Asked Questions

This 8-K filing announces the completion of the merger between CIENA Corporation and ONI Systems Corp., which became effective on June 21, 2002.

ONI Systems shareholders received 0.7104 shares of CIENA Corporation's common stock for each share of ONI Systems common stock they owned.

ONI Systems developed, marketed, and sold optical communications networking equipment designed to address bandwidth and service limitations in metropolitan area and regional networks.

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.