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Share Name | Share Symbol | Market | Type |
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(MM) | NASDAQ:MERU | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 1.62 | 0 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): April 6, 2015
MERU NETWORKS, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware | 001-34659 | 26-0049840 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
894 Ross Drive Sunnyvale, California |
94089 | |||
(Address of Principal Executive Offices) | (Zip Code) |
Registrants telephone number, including area code: (408) 215-5300
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On April 6, 2015, Meru Networks, Inc. (the Company) issued a press release reporting its preliminary financial results for the quarter ended March 31, 2015. A copy of the press release is furnished herewith as Exhibit 99.1.
The information in Item 2.02 of this Current Report, including Exhibit 99.1, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information in this Item 2.02 and the accompanying exhibit shall not be incorporated by reference in any registration statement or other document filed by the Company with the Securities and Exchange Commission, whether made before or after the date of this Current Report, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such a filing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) Mr. Larry Vaughans last day of employment with the Company was April 6, 2015. Mr. Vaughan was the Companys Senior Vice President of Worldwide Sales and Field Operations.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibits |
Exhibit |
Exhibit Title or Description | |
99.1 | Press Release, dated April 6, 2015. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MERU NETWORKS, INC. | ||||||
Date: April 6, 2015 | By: | /s/ Mark Liu | ||||
Name: Mark Liu | ||||||
Title: General Counsel |
EXHIBIT INDEX
Exhibit |
Exhibit Title or Description | |
99.1 | Press Release, dated April 6, 2015. |
Exhibit 99.1
Meru Networks Streamlines Sales Management
Company affirms first quarter 2015 guidance and continues cost reduction programs;
Deutsche Bank exploring strategic options
SUNNYVALE, CA (PRNewswire) 4/6/15 Meru Networks, Inc. (NASDAQ: MERU), a leader in intelligent networking and the only wireless LAN vendor to have received OpenFlow conformance, today announced a restructuring of its sales organization with geographic sales vice presidents reporting directly to the CEO, eliminating a layer of sales management and streamlining its sales operations. These actions are a continuation of the previously commenced restructuring announced in January.
Effective immediately, Tom Palomaki, Vice President of Sales North America, and David Kelly, Vice President of Sales International, will report directly to Dr. Bami Bastani, President and CEO of Meru Networks. Larry Vaughan, Senior Vice President Worldwide Sales & Field Operations, is departing the company.
I want to thank Larry for his years of service to Meru and wish him the best of luck in his future endeavors, said Dr. Bastani. A major goal of the previously commenced restructuring program was to create a flatter organization that would be both more efficient and more responsive to customer needs. We have realized significant cost reductions in all departments and believe we have lowered our quarterly breakeven sales level to approximately $21- $22 million.
We expect to announce results consistent with our first quarter 2015 guidance for revenues and non-GAAP earnings per share issued on February 09, 2015. We expect to achieve first quarter results slightly better than current analyst consensus for both quarterly revenues and non-GAAP earnings per share, he continued. In addition, we are pleased with the beginning pipeline entering the second quarter of 2015.
Meru will provide further details on the first quarter results and second quarter forecast at the regular earnings call currently scheduled for the first week of May. Details on the date and time of the earnings call will be announced accordingly.
Meru continues to work with Deutsche Bank in exploring various strategic options.
About Meru Networks
Meru Networks (MERU) is a leader in intelligent 802.11ac Wi-Fi solutions delivering uninterrupted user experience for education, healthcare, hospitality and enterprise. The Meru open-standards-based architecture is designed to enable unified management of wired and wireless networks. Its end-to-end application QoS enables enforceable service-level agreements. Meru provides top performance and high capacity in high-density environments. Visit www.merunetworks.com or call (408) 215-5300 for more information.
©2015 Meru Networks. Meru is a registered trademark and the Meru logo is a trademark of Meru Networks, Inc. in the United States. All other trademarks mentioned in this document are the property of their respective owners.
Cautionary Statement Regarding Forward Looking Statements
All statements other than statements of historical facts are statements that can be deemed forward-looking statements, including any statements of expectations or beliefs such as our expectation regarding the revenues and non-GAAP earnings per share we will announce for the first quarter of 2015, our outlook for the second quarter of 2015, our belief that we have lowered our quarterly breakeven sales level to approximately $21- $22 million and our belief that our sales organization will be more efficient and more responsive to customer needs following the recent reorganization. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements. Risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include, among others: business and economic conditions and growth trends in the networking industry, final determination of the timing of revenue and expense recognition, our vertical markets and various geographic regions; competition in the industry; our future capital needs may change; changes in overall information technology spending; failure to develop new products; and those risks and uncertainties described in documents filed with or furnished to the Securities and Exchange Commission (SEC) by Meru, including under the caption Risk Factors in Merus Annual Report on Form 10-K filed with the SEC on February 27, 2015, and any subsequent reports filed with the SEC. All forward-looking statements in this press release are based on information available to Meru as of the date hereof, and Meru assumes no obligation to update these forward-looking statements, except as required by law.
Investor Contact:
Edward Keaney
Market Street Partners
415-445-3238
ekeaney@marketstreetpartners.com
Source: Meru Networks, Inc.
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