On Friday, Ciena Corporation (NYSE:CIEN)’s shares inclined 1.39% to $25.45.
Cyan Inc. (CYNI) and Ciena Corporation (CIEN), jointly declared that at Cyan’s annual meeting of shareholders was held on July 31, 2015, Cyan’s stockholders voted in favor of the proposal to adopt the formerly declared acquisition of Cyan by Ciena. Cyan’s stockholders also approved the share issuance proposals related to Cyan issuing shares in connection with the conversion of its 8% Senior Convertible Notes due 2019 and the exercise of the related warrants.
At the annual meeting, 35,088,780 shares were voted in favor of the proposal to adopt the Merger Agreement, which represents about 71% of Cyan’s total outstanding shares.
Under the terms of the Merger Agreement, at the closing of the Merger, each share of Cyan common stock will be converted into the right to receive merger consideration with a total value equal to the value of 0.224 shares of Ciena common stock, 89% of which will be paid in shares of Ciena common stock and 11% of which will be paid in cash. This ratio is fixed by agreement and Cyan stockholders will not have the option to elect to receive stock or cash in a different ratio. The value of the cash portion of the merger consideration will be calculated based on the volume weighted average price per share of Ciena common stock on the New York Stock Exchange on the last trading day right away preceding to the Closing. Holders of Cyan common stock will also be entitled to be paid cash in lieu of fractional shares of Ciena common stock. Based on the structure of the transaction, Cyan’s outstanding warrants will be deemed to have been automatically exercised upon closing. In addition, Ciena will also assume Cyan’s outstanding equity awards.
Ciena Corporation provides equipment, software, and services that support the transport, switching, aggregation, service delivery, and administration of voice, video, and data traffic on communications networks worldwide. The company’s Converged Packet Optical segment offers networking solutions optimized for the convergence of coherent optical transport, OTN switching, and packet switching.
At the end of Friday’s trade, Novavax, Inc. (NASDAQ:NVAX)‘s shares dipped -0.41% to $12.06.
Novavax, Inc. (NVAX), a clinical-stage vaccine company focused on the discovery, development and commercialization of recombinant nanoparticle vaccines and adjuvants, recently declared positive top-line data from a Phase 2 clinical trial of its recombinant quadrivalent seasonal influenza virus-like particle (VLP) vaccine candidate (Seasonal Influenza VLP). This project has been funded in whole or in part with Federal funds from the Office of the Assistant Secretary for Preparedness and Response, Biomedical Advanced Research and Development Authority, Department of Health and Human Services under the Company’s contract with HHS-BARDA (HHSO100201100012C). The trial demonstrated that the Seasonal Influenza VLP vaccine candidate was well-tolerated with no vaccine-related serious adverse events. The trial met its immunogenicity targets and demonstrated potential to meet the Center for Biological Evaluation and Research (CBER) criteria for accelerated approval.
Novavax’ technology platform enables the creation of recombinant, strain-specific VLPs. Novavax’ Seasonal Influenza VLP comprises of VLPs representing four different strains of influenza virus, each expressing strain-specific hemagglutinin and neuraminidase antigens. This dose-ranging clinical trial was designed to evaluate the safety and immunogenicity of the Seasonal Influenza VLP in 400 healthy adults. The primary outcomes of the trial assessed safety and tolerability of the Seasonal Influenza VLP and quantified immune responses to each of the four influenza strains based on hemagglutination-inhibiting antibody titers. The secondary outcomes evaluated neuraminidase-inhibiting antibody titers for all four influenza strains.
Novavax, Inc., a clinical-stage vaccine company, focuses on discovering, developing, and commercializing recombinant nanoparticle vaccines and adjuvants. The company produces its vaccines using its proprietary recombinant nanoparticle vaccine technology. Its product pipeline comprises respiratory syncytial virus (RSV) vaccine candidates for elderly and maternal immunization that are in Phase II clinical trials, in addition to pediatric respiratory syncytial virus candidate, which is in Phase I clinical trial; seasonal quadrivalent influenza and pandemic H7N9 vaccines, which are in Phase I clinical trials; vaccine candidate against Ebola Virus that is Phase I clinical trial, in addition to combination respiratory vaccine candidate, which is pre-clinical trial; and seasonal influenza vaccine candidate that is Phase III clinical trial, in addition to rabies G protein vaccine candidate, which is in Phase 1/2 clinical trial.
BreitBurn Energy Partners L.P. (NASDAQ:BBEP), ended its Friday’s trading session with -7.76% loss, and closed at $3.03.
Breitburn Energy Partners LP (BBEP) declared a cash distribution of $0.04166 per common unit for the second month attributable to the second quarter of 2015, payable on August 14, 2015, to record holders of its common units at the close of business on August 11, 2015. This monthly distribution is equal to a distribution of $0.50 per common unit on an annualized basis.
Breitburn also declared recently distributions for its 8.25% Series A Cumulative Redeemable Perpetual Preferred Units (BBEPP) and 8.0% Series B Perpetual Convertible Preferred Units. A cash distribution of $0.171875 per Series A Unit is payable on September 15, 2015, to record holders of its Series A Units at the close of business on August 31, 2015. This monthly distribution is equal to an annual distribution of $2.0625 per Series A Unit. Breitburn has elected to pay the distribution on the Series B Units in kind by issuing additional Series B Units instead of paying a cash distribution. A distribution of 0.006666 PIK unit per Series B Unit is payable on August 17, 2015, to record holders of Series B Units at the close of business on July 31, 2015.
Breitburn Energy Partners LP, an independent oil and gas partnership, acquires, exploits, and develops oil, natural gas liquids (NGLs), and natural gas properties in the United States. The company’s oil, NGL, and natural gas reserves are primarily located in seven producing areas comprising the Arkansas, Louisiana, and East Texas; Michigan, Indiana, and Kentucky; Permian Basin in Texas and New Mexico; the Mid-Continent covering Oklahoma, Kansas, and the Texas Panhandle; Rockies in Wyoming; Florida and Alabama; and California.
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