On Monday, Shares of Cyan, Inc. (NYSE:CYNI), surged 26.58% to $4.62, hitting its highest level.
Cyan, declared it has reached a definitive agreement to be attained by Ciena (CIEN) for an aggregate purchase price of about $400 million (or about $335 million net of cash). Cyan also declared financial results for its first quarter ended March 31, 2015.
Upon the closing of the transaction, Cyan shareholders will receive consideration equal to the value 0.224 shares of Ciena common stock (89% of which will be delivered in Ciena common stock and 11% will be delivered in cash based on the value of Ciena common stock at closing), This exchange ratio represents about $4.75 per share of Cyan common stock, based on Ciena’s 20-day volume weighted average price as of May 1, 2015. Based on the closing price of Cyan’s stock of $3.65 on May 1, 2015, this reference price represents a premium of about 30%. 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.
“Since launching the first Z-Series packet-optical products in 2009, Cyan has introduced the world’s first integrated packet-optical platform, the world’s first deployment ready multi-vendor SDN controller and NFV orchestrator, and the world’s first disaggregated “bright box” optical system. Innovation is core to our business, and our innovation has always been focused on assisting customers transform their networks. Joining forces with Ciena, another clear innovator in the networking space, will accelerate this transformation. Together, we will provide our customers with the technologies they demand for a software-controlled operational model, orchestrating services on top of a scalable network, with the ability to rapidly create revenue streams in the new virtualized, on-demand world. This combination enables greater monetization for network operators through more efficient utilization of network assets and faster time-to-market with differentiated and profitable services,” said Mark Floyd, chairman and chief executive officer, Cyan.
Cyan, Inc. provides various carrier-grade networking solutions that transform legacy networks into open high-performance networks in North America, Asia, and Europe. Its solutions enable network operators to virtualize their networks, accelerate service delivery, and enhance scalability and performance.
At the end of Monday’s trade, Shares of Biocept, Inc. (NASDAQ:BIOC), jumped 11.55% to $3.09.
Biocept, declared that the Company will issue its financial results for the first quarter of 2015 on Tuesday, May 12, 2015, after the close of the market, and will hold a conference call on this day at 4:30 p.m. ET to talk about the financial results and provide a company update.
Biocept, Inc., a cancer diagnostics company, develops and commercializes proprietary circulating tumor cell (CTC) and circulating tumor DNA tests utilizing a standard blood sample. The company’s tests provide information to oncologists that enable them to select the appropriate treatment for their patients based on detailed data on the characteristics of tumors.
Trevena, Inc. (NASDAQ:TRVN), ended its last trade with 10.33% gain, and closed at $6.94.
Trevena, declared the appointment of Carrie L. Bourdow as senior vice president and chief commercial officer, effective right away.
“Carrie has a fantastic track record of leading successful commercial strategies, and brings a wealth of experience in a wide range of therapy areas, counting neurology and hospital acute care,” said Maxine Gowen, Ph.D., chief executive officer. “Her expertise will be invaluable as we advance our growing portfolio and build our company for long-term success.”
“I am excited to join the Trevena team as the company progresses towards commercializing intravenous TRV130 for acute moderate to severe pain,” said Ms. Bourdow. “The company’s novel research has generated a diverse therapeutic platform and I look forward to providing commercial insight and perspective as Trevena develops its Phase 3 programs.”
Trevena, Inc., a clinical stage biopharmaceutical company, discovers, develops, and intends to commercialize therapeutics for G protein coupled receptors. The company’s central nervous system product pipeline comprises TRV130, a small molecule G protein biased ligand at the mu-opioid receptor, which is in Phase II clinical trials for patients experiencing moderate to severe acute pain where IV administration is preferred.
Finally, Westport Innovations Inc. (NASDAQ:WPRT), closed at $5.21, with 9.92% surge.
Westport Innovations, declared that Westport held its Annual and Special Meeting yesterday in Vancouver, British Columbia with shareholders approving all resolutions presented.
The returning board members re-elected are Warren J. Baker (96% in favour), M.A. (Jill) Bodkin (96% in favour), Joseph P. Caron (96% in favour), David R. Demers (96% in favour), Brenda J. Eprile (96% in favour), Philip B. Hodge (96% in favour), Dezsö J. Horváth (96% in favour), Douglas R. King (96% in favour), and Gottfried (Guff) Muench (96% in favour). John Beaulieu, Chairman Emeritus, did not stand for re-election to the Board of Directors. Douglas G. Pearce, former Chief Executive Officer and Chief Information Officer of the British Columbia Investment Administration Corporation (bcIMC), has been elected to join the Board of Directors as a new director (96% in favour).
Westport Innovations Inc. provides low-emission engine and fuel system technologies utilizing gaseous fuels. The company’s technology and products enable light, medium, heavy-duty, and high horsepower petroleum-based fuel engines and vehicles to use primarily natural gas and alternative fuels.
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