SUNNYVALE, CA, February 5, 2009 - ShoreTel, Inc., (NASDAQ: SHOR), a leading provider of Pure IP Unified Communications solutions, today announced the successful completion of its employee stock option exchange program. The stock option exchange program expired at 5:00 p.m. PST on February 2, 2009. The stock option exchange program was approved by over 87 percent of the shares voted at the Special Meeting of Stockholders held on February 2, 2009 at ShoreTel's headquarters in Sunnyvale, California. All outstanding eligible options that were properly tendered for exchange by eligible employees have been accepted.
ShoreTel has accepted for exchange and cancellation options to purchase 3,215,173 shares of its common stock, representing approximately 42 percent of total outstanding options as of December 31, 2008. Options held by eligible employees with an exercise price equal to or greater than $9.50 per share were eligible for exchange in the program. Approximately 99 percent of eligible options were submitted for exchange.
Subject to the terms and conditions of the program, in exchange for the eligible options that were accepted for exchange and cancellation, ShoreTel issued new options to purchase an aggregate of 3,215,173 shares of its common stock. The new options were issued on February 3, 2009 and have an exercise price of $4.82 per share, the closing price of the Company's stock on the Nasdaq Global Market on February 3, 2009.
The full terms and conditions of the stock option exchange program are set forth in a Tender Offer Statement on Schedule TO, as amended, that ShoreTel has filed with the SEC.
About ShoreTel, Inc.
ShoreTel, Inc., (NASDAQ: SHOR) is a leading provider of Pure IP Unified Communications solutions. ShoreTel enables companies of any size to seamlessly integrate all communications - voice, video, messaging and data - with their business processes. Independent of device or location, ShoreTel's distributed software architecture eliminates the traditional costs, complexity and reliability issues typically associated with other solutions. ShoreTel continues to deliver the highest levels of customer satisfaction, ease of use and manageability, while driving down the overall total cost of ownership. ShoreTel is headquartered in Sunnyvale, California, and has regional offices in the United Kingdom, Sydney, Australia and Munich, Germany. For more information, visit www.shoretel.com or call 1-877-80SHORE.