On April 11, 2016, the Board of Directors (the “Board”) of Sycamore Networks, Inc. (the “Company”) approved a liquidating distribution of $0.29 in cash per share of common stock, par value $0.001 per share (the “Common Stock”), or approximately $8.376 million in the aggregate, to stockholders of record as of April 22, 2016 to be paid on April 29, 2016. In accordance with FINRA Rule 11140(b), we expect the ex-dividend date will be May 2, 2016, the first business day following the payment date for the cash distribution.

As previously reported, the Company filed a certificate of dissolution with the Secretary of State of the State of Delaware on March 7, 2013, and on February 25, 2016 the Delaware Court of Chancery granted the Company’s petition to extend the Company’s corporate existence for an additional period of up to two years, ending on March 7, 2018, or such shorter period as the Board deems necessary, to make a final determination with respect to the Company’s remaining non-cash assets, and affirmed that approximately $3.54 million is sufficient to be retained for anticipated wind down costs and expenses. Any portion of this amount that is not required to cover such wind down costs and expenses may be distributed from time to time to the Company’s stockholders in the discretion of the Board in accordance with its fiduciary duties. This liquidating distribution represents a partial distribution of the Company’s remaining funds. Following a final determination by the Board with respect to the remaining non-cash assets, which primarily consist of the Company’s investment in Tejas Networks India Private Limited, a private company in India that provides optical transport solutions to telecommunications carriers, the Company would expect to make a final liquidating distribution and conclude the dissolution period. However, the dissolution process and the payment of any distribution to stockholders involve substantial risks and uncertainties. Accordingly, it is not possible to predict the timing of the completion of the dissolution, the timing of any further distributions to stockholders or the aggregate amount of any such distributions, and no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in the Company’s Statement of Net Assets included in its Quarterly Report on Form 10-Q for the quarterly period ended January 30, 2016. The Company will continue to analyze its estimates of liquidation expenses on an ongoing basis and determine whether further distributions of assets to its stockholders are appropriate at such times.