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Sonus Networks Announces Effectiveness of Reverse Stock SplitSonus Networks (Nasdaq: SONS), a global leader in enabling and securing real-time communications, today announced that its previously disclosed 1-for-5 reverse stock split will be effective as of 5:00PM ET today, January 29, 2015. The Company's common stock will begin trading on a split-adjusted basis when the market opens on Friday, January 30, 2015. The new CUSIP number for the Company's common stock following the reverse stock split is 835916 503. The reverse stock split affects all issued and outstanding shares of the Company's common stock, as well as the number of shares of common stock available for issuance under the Company's equity incentive plans. The reverse stock split will reduce the number of shares of the Company's issued and outstanding common stock from approximately 250 million to approximately 50 million. In addition, the reverse stock split will effect a reduction in the number of shares of common stock issuable upon the exercise of stock options outstanding immediately prior to the reverse split, with a proportional increase in the exercise price. The par value of the Company's common stock will remain at $0.001 per share after the reverse stock split. No fractional shares will be issued in connection with the reverse split. Stockholders who otherwise would be entitled to receive fractional shares because they hold a number of pre-reverse split shares of common stock not evenly divisile by five, will receive a cash payment (without interest) in lieu thereof equal to such fraction multiplied by the closing price per share of the Company's common stock on the NASDAQ Global Select Market on January 30, 2015. American Stock Transfer and Trust Company ("AST") is acting as the exchange agent for the reverse stock split. AST will provide instructions to stockholders regarding the process for exchanging their pre-split stock certificates for post-split stock certificates and receiving payment for any fractional interests. Additional information regarding the reverse stock split can be found in the Company's definitive proxy statement filed with the Securities and Exchange Commission on October 15, 2014.
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