Sycamore Is No More
As the saying goes: it ended not with a bang, but a whimper. On Friday, pioneering communications equipment manufacturer Sycamore Networks announced that, after 15 years in business, during which time it only earned a profit in two of those years, it's finally throwing in the towel.
Pursuant to its Plan of Complete Liquidation and Dissolution, Sycamore filed yesterday a certificate of dissolution with the Secretary of State of the State of Delaware. Effective 5 p.m. yesterday, the company is no more. It has "closed its stock transfer books, and discontinued recording transfers of its common stock, $0.001 par value per share." Its stock is "no longer assignable or transferable ... other than transfers by will, intestate succession or operation of law." And its stock is in the process of being delisted from the Nasdaq.
For the time being, it's still being traded, however. And surprisingly ... it's actually up 6.2% today from yesterday's close. Sycamore shares currently fetch $0.40 on the open market.
The article Sycamore Is No More originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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