Lumen extends its NOL Rights Plan to
Dec. 1, 2026 to protect valuable
federal net operating loss carryforwards
DENVER, Nov. 20,
2023 /PRNewswire/ -- Lumen Technologies (NYSE:
LUMN) today announced that its board of directors has unanimously
approved the amendment and restatement of its Section 382 Rights
Agreement (the "NOL Rights Plan") to, among other things, extend
its expiration date from Dec. 1, 2023
to Dec. 1, 2026.
The company has extended its NOL Rights Plan through
Dec. 1, 2026 to protect its federal
net operating loss carryforwards of approximately $1 billion as of Dec. 31,
2022, which, if available, can be used to reduce its future
payments of U.S. federal income taxes.
The NOL Rights Plan, as amended, was approved by the company's
shareholders at its 2021 Annual Meeting of Shareholders by
approximately 90% of the votes cast. The company intends to submit
the amendment and restatement of the NOL Rights Plan for
ratification by the company's shareholders at its 2024 Annual
Meeting of Shareholders. If shareholder ratification is not
obtained by Dec. 1, 2024, the NOL
Rights Plan will terminate on such date, if not earlier terminated
as provided therein.
The amended and restated NOL Rights Plan also reflects various
updates to reflect changes since the plan's adoption. Additional
information about the amendment and restatement will be contained
in reports on Form 8-K and Form 8-A/A that the company plans to
file with the U.S. Securities and Exchange Commission.
About Lumen Technologies:
Lumen connects the world. We
are igniting business growth by connecting people, data, and
applications – quickly, securely, and effortlessly. Everything we
do at Lumen takes advantage of our network strength. From metro
connectivity to long-haul data transport to our edge cloud,
security, and managed service capabilities, we meet our customers'
needs today and as they build for tomorrow. For news and insights
visit news.lumen.com, LinkedIn: /lumentechnologies, Twitter:
@lumentechco, Facebook: /lumentechnologies, Instagram:
@lumentechnologies and YouTube: /lumentechnologies. Lumen and Lumen
Technologies are registered trademarks of Lumen Technologies LLC in
the United States. Lumen
Technologies LLC is a wholly-owned affiliate of Lumen Technologies,
Inc.
Forward Looking Statements:
Except for historical and
factual information, the matters set forth in this release include
forward-looking statements (as defined by the federal securities
laws), which are subject to the "safe harbor" protections
thereunder. These forward-looking statements are not guarantees of
future results and are based on current expectations only, are
inherently speculative, and are subject to a number of assumptions,
risks and uncertainties, many of which are beyond our control.
Actual events and results may differ materially from those
anticipated, estimated, projected or implied by us in those
statements. Factors that could affect actual results include, but
are not limited to, the risks referenced from time to time in our
filings with the U.S. Securities and Exchange Commission. We
undertake no obligation to publicly update or revise for any reason
any of our forward-looking statements, which speak only as of the
date made.
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SOURCE Lumen Technologies