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Ventures incurred in preparation of documents relating to the
1993 PPA and the 1994 PPA. In addition, Spencer Trask, Ventures,
and each of its affiliates agreed to “forever release, acquit and
discharge [Ciena] * * * of and from the * * * [Spencer Trask]
claims and from any and all causes of action”.
Following the execution of the SRA, Ventures designated Mr.
Kimberlin to receive warrants to purchase 250,000 shares of Ciena
stock, Spencer Trask to receive warrants to purchase 45,000
shares, and Laura McNamara to receive warrants to purchase 5,000
shares. On June 25, 1996, upon Mr. Kimberlin’s request, Ciena
reissued, to Kimberlin Partners, the warrants to purchase 250,000
shares. Following a 5-for-1 stock split in February 1997, the
warrants to purchase 300,000 shares at $2 per share were
converted into warrants to purchase 1,500,000 shares at an
exercise price of 40 cents per share.
On February 5, 1997, Spencer Trask and Kimberlin Partners
exercised all of the warrants and purchased 1,500,000 shares of
Ciena series B convertible preferred stock. Checks totaling
$600,000 were paid to Ciena. On the date of exercise, the mean
selling price per share of Ciena preferred stock was $29.30. On
February 7, 1997, Ciena held its initial public offering. The
mean selling price per share of Ciena common stock on that date
was $35.68.
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Last modified: November 10, 2007