Acacia Communications Terminates Merger Agreement
January 08 2021 - 8:13AM
Acacia Communications, Inc. (Nasdaq: ACIA) today announced that it
has elected to terminate its merger agreement with Cisco Systems,
Inc., effective immediately. The proposed merger, announced in July
2019, was conditioned on the satisfaction or waiver of customary
closing conditions, including obtaining necessary regulatory
approvals within the timeframe contemplated by the merger
agreement. Because approval of the Chinese government’s State
Administration for Market Regulation was not received within the
timeframe contemplated by the merger agreement, Acacia did not have
an obligation to close the merger before the arrival of the January
8, 2021 extended end date. As such, Acacia exercised its right to
terminate the proposed transaction in accordance with the terms of
the merger agreement.
Cisco has informed Acacia that it may dispute Acacia’s right to
have terminated the merger agreement. Acacia intends to defend any
such claims.
Acacia plans to host a conference call and live audio webcast to
discuss recent developments and certain preliminary unaudited
financial results for its fourth fiscal quarter and fiscal year
ended December 31, 2020, at 5:00 p.m. Eastern Time on January 11,
2021. The live audio webcast of the call can be accessed at the
Acacia Communications Investor Relations website at
http://ir.acacia-inc.com. The U.S. dial-in for the call is (877)
407-8293 (or (201) 689-8349 for non-U.S. callers). Please ask to be
joined to the Acacia Communications call. A replay of the
conference call will be available until January 18, 2021, at 11:59
p.m. Eastern Time, while an archived version of the webcast will be
available on the Acacia Communications’ Investor Relations website
for 90 days. The U.S. dial-in for the conference call replay is
(877) 660-6853 (or (201) 612-7415 for non-U.S. callers). The replay
access code is 13714805.
About Acacia Communications
Acacia Communications develops, manufactures and sells
high-speed coherent optical interconnect products that are designed
to transform communications networks through improvements in
performance, capacity and cost. By implementing optical
interconnect technology in a silicon-based platform, a process
Acacia Communications refers to as the “siliconization of optical
interconnect,” Acacia Communications is able to offer products at
higher speeds and density with lower power consumption, that meet
the needs of cloud and service providers and can be easily
integrated in a cost-effective manner with existing network
equipment. www.acacia-inc.com.
Safe Harbor for Forward-Looking Statements
This press release includes statements concerning Acacia and its
future expectations, plans and prospects that constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements with
respect to the termination of the merger agreement, the effect of
the announcement of the termination of the merger agreement,
potential litigation that may be instituted against Acacia or its
directors or officers related to the merger, the merger agreement
or termination thereof, and any adverse outcome of any such
potential litigation. For this purpose, any statements contained
herein that are not statements of historical fact may be deemed to
be forward-looking statements. Without limiting the foregoing, the
words “may,” “should,” “expects,” “plans,” “anticipates,”
“intends,” “could,” “target,” “projects,” “contemplates,”
“believes,” “estimates,” “predicts,” “potential,” “will” or
“continue” or the negative of these terms or other similar
expressions are intended to help you identify forward-looking
statements. The forward-looking statements in this press release
are only predictions. The events and circumstances reflected in the
forward-looking statements may not be achieved or occur and actual
results could differ materially from those projected in the
forward-looking statements. Acacia has based these forward-looking
statements largely on its current expectations and projections
about future events and financial trends that Acacia believes may
affect its business, financial condition and results of operations.
These forward-looking statements speak only as of the date of this
press release and are subject to a number of risks, uncertainties
and assumptions including, without limitation, the potential
impacts on Acacia’s business, results of operations and financial
condition as a result of the termination of the merger agreement or
any challenges to such termination, and other risks set forth under
the caption “Risk Factors” in Acacia’s public reports filed with
the Securities and Exchange Commission (the “SEC”), including
Acacia’s Quarterly Report on Form 10-Q for the fiscal quarter ended
September 30, 2020 filed with the SEC and in other filings that
Acacia may make with the SEC from time to time. Because
forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified, you
should not rely on these forward-looking statements as indicative
of future events. Acacia assumes no obligation to update any
forward-looking statements contained in this press release as a
result of new information, future events or otherwise.
For further information:
Investor Relations Contact:Monica GouldOffice: (212)
871-3927Email: IR@acacia-inc.com
Lindsay SavareseOffice: (212)
331-8417Email: IR@acacia-inc.com
Public Relations Contact:Kelly KarrOffice: (408)
718-9350Email: PR@acacia-inc.com
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