Orckit Announces Adjournment of Extraordinary General Meeting
April 16 2012 - 8:30AM
Orckit Communications Ltd. (Nasdaq:ORCT) (the "Company") today
announced that that the requisite quorum of two or more
shareholders holding at least 25% of the outstanding ordinary
shares was not present at its Extraordinary General Meeting of
Shareholders scheduled to be held on April 15, 2012. Accordingly,
pursuant to applicable law, an adjourned meeting will be held on
April 19, 2012, at 3:00 p.m. Israel time, at the offices of the
Company, 126 Yigal Allon Street, Tel Aviv, Israel. The quorum for
the adjourned meeting will be any two shareholders present in
person or by proxy. The record date of March 12, 2012 will
remain unchanged for the adjourned meeting.
The agenda of the meeting is to approve an arrangement among the
Company and its Series A note holders and Series B note holders and
a related increase in authorized share capital.
The item on the agenda requires the affirmative approval of a
majority by number of the shareholders voting their shares, in
person or by proxy, and holding at least 75% of the ordinary shares
voting on the matter. The approval of the holders of 66-2/3%
of the ordinary shares voting on the matter, in person or by proxy,
is required in order to amend the Company's Memorandum and Articles
of Association in connection with the proposed increase in
authorized share capital.
The arrangement is also subject to the approval of meetings of
the Company's Series A note holders and Series B note holders, the
Tel Aviv Stock Exchange and the approval of the Court.
About Orckit Communications Ltd.
Orckit facilitates telecommunication providers' delivery of high
capacity broadband residential, business and mobile services over
wireline or wireless networks with its Orckit-Corrigent family of
products. With 20 years of field experience with Tier-1 customers
located around the world and sound leadership, Orckit has a firm
foothold in the ever-developing world of telecommunication.
Orckit-Corrigent's product portfolio includes Packet Transport
Network (PTN) switches - an MPLS and MPLS-TP dual stack based
portfolio enabling advanced packet as well as legacy services over
packet networks with a wide set of transport features.
Orckit-Corrigent markets its products directly and indirectly
through strategic alliances, as well as distribution and reseller
partners worldwide. Orckit was founded in 1990 and went public in
1996. The company is active in APAC, Western and Eastern Europe,
and America.
For more information, please visit http://www.orckit.com. Follow
Orckit on Twitter @ORCT
CONTACT: Ruder Finn Israel for Orckit-Corrigent
Matthew Krieger
+972-544-676-950
matthew@ruderfinn.co.il