Sycamore Networks announces intent to proceed with dissolution

By Globe Staff

Sycamore Networks Inc., once one of the state’s hottest young companies of the telecommunications boom, said Monday that it is proceeding with its previously announced liquidation and dissolution in accordance with the plan of complete liquidation and dissolution that the stockholders approved at the Special Meeting, effective as of the close of business on March 7.

Last fall, a Chelmsford-based company founded in the late 1990s by high-profile entrepreneurs Dan Smith and Desh Deshpande disclosed its intentions to sell its hardware business for $18.75 million and wind down operations.

In a Monday press release, the company said it intends to file a certificate of dissolution with the Delaware Secretary of State on March 7 and to submit a request to the Nasdaq Stock Market to suspend trading of the common stock on the Nasdaq Global Select Market effective as of the close of trading on March 7.