Atlanta, Georgia – (The Hosting News) – April 27, 2006 – Managed services provider, Cbeyond Communications, Inc., has extended lock-up agreements entered into in conjunction with its initial public offering until Saturday, May 27, 2006.
The first sales of previously restricted shares may take place on Tuesday, May 30, 2006 due to the NASDAQ Stock Market being closed for the Memorial Day holiday on Monday, May 29, 2006.
Although the lock-up period was due to expire on Sunday, April 30, 2006, the Company’s underwriting agreement provides for an automatic extension of the lock-up period for an additional 18 days after Cbeyond’s quarterly earnings press release.
Upon expiration of the lock-up period, the shares subject to the lockup restriction will become available for resale subject to applicable restrictions under the federal securities laws, including Rules 144 and 701 under the Securities Act of 1933. Cbeyond completed its initial public offering of 6.1 million shares in November 2005.
The automatic extension of the lock-up period allows for research analysts to publish research on the Company following the quarterly earnings press release. Under applicable regulatory restrictions, the research analysts of the firms who managed the Company’s initial public offering are prohibited from publishing research on the Company for fifteen days prior to and after the lock-up expiration date. The Company recently announced that it intends to release financial results for the first quarter of fiscal year 2006 on Tuesday, May 9, 2006.
Cbeyond is an Atlanta-based managed services provider that delivers integrated packages of voice, mobile and broadband services to small businesses in Atlanta, Chicago, Dallas, Denver, Houston and Los Angeles. Cbeyond offers core communications services like local and long-distance voice, mobile and broadband Internet access along with enhanced applications, including voicemail, email, web hosting, fax-to-email, data backup, file-sharing and VPN. Cbeyond manages these services over a private, 100-percent Voice over Internet Protocol (VoIP) facilities-based network.
To learn more, please visit: www.cbeyond.net.