Former M5 Stockholders Give ShoreTel Strong Vote of Confidence
Six of the largest former M5 stockholders, including Dan Hoffman, president and general manager of ShoreTel Cloud Division, have notified ShoreTel that despite the recent release of the lockup of a portion of their shares, they currently do not intend to sell their stock for at least an additional six months.
“We fundamentally believe ShoreTel’s stock is undervalued today,” explained Alan Patricof, managing director, Greycroft Partners. “ShoreTel continues to make the right moves to grow shareholder value therefore our firm, as well as five additional top M5 stockholders, plan to hold our shares a minimum of six more months.”
The top six M5 stockholders, representing approximately 66 percent of the shares issued in conjunction with the acquisition of M5 Networks (now ShoreTel’s cloud division, which offers the ShoreTel Sky solutions), have voluntarily displayed a vote of confidence in ShoreTel’s strategic direction after the initial lockup restriction period of six months expired this week.
“We knew we were making the right move when M5 decided to become part of ShoreTel, as a way to scale and cement our position in the hosted UC marketplace,” said Hoffman. “This show of solidarity by our shareholders reaffirms our decision and proves everyone is more committed than ever to the strength of our company’s future.”
“We appreciate this show of support from the top former M5 stockholders. We have a strong and growing position in the premise UC market and a great growth opportunity in the cloud telephony market. ShoreTel has never been better positioned,” said Peter Blackmore, president and CEO of ShoreTel.