Shares of Ciena Corp. dropped more than 8 percent yesterday as more than half of the telecommunications equipment company's shares became available for public trading.
More than 13 million shares changed hands, making it one of the most heavily traded shares on the Nasdaq market.
About 55 million of the Linthicum-based company's more than 104 million outstanding shares were freed from a so-called lock-up agreement yesterday and became available for public trading.
The company went public in February and was an immediate favorite among investors. The company's stock has risen from ++ about $23 at the time of the offering to more than $50 a share.
Ciena's stock closed at $49.375, down $4.813, or 8.88 percent. The stock had dropped as low as $48.75 yesterday after closing at $54.188 Wednesday.
A lock-up agreement involving another 20 million to 24 million shares is set to expire Oct. 1.
Ciena makes multiplexing equipment, which allows telephone companies and others to transmit up to 16 times more data over fiber-optic cables.
Pub Date: 8/08/97