Cbeyond Announces Extension of IPO Lock-up Period Due to Planned Release of First Quarter 2006 Financial Results.ATLANTA -- Cbeyond Communications, Inc. (Nasdaq: CBEY CBEY Center for Business and the Environment at Yale ), a managed services provider to small businesses, today announced that lock-up agreements entered into in conjunction with its initial public offering will be extended 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 Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. 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 Underwriting agreement The contract between a corporation issuing new publicly offered securities and the managing underwriter as agent for the underwriting group. Compare to agreement among underwriters. provides for an automatic extension of the lock-up period for an additional 18 days after Cbeyond's quarterly earnings press release. 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days prior to and after the lock-up expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. . The Company recently announced that it intends to release financial results for the first quarter of fiscal year 2006 on Tuesday, May 9, 2006. Upon expiration of the lock-up period, the shares subject to the lockup See hang and abend. 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. About Cbeyond Cbeyond (Nasdaq: CBEY) 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 Broadband Internet access, often shortened to just "broadband", is high speed Internet access—typically contrasted with dial-up access over modem. Dial-up modems are generally only capable of a maximum bitrate of 56 kbit/s (kilobits per second) and require the full use of a along with enhanced applications, including voicemail, email, Web hosting, fax-to-email, data backup, file-sharing, VPN (Virtual Private Network) A private network that is configured within a public network (a carrier's network or the Internet) in order to take advantage of the economies of scale and management facilities of large networks. and more. Cbeyond manages these services over a private, 100-percent Voice over Internet Protocol (VoIP) facilities-based network. For more information on Cbeyond, visit www.cbeyond.net. CBEY-G CBEY-F |
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