Lumen Technologies (LUMN) Extends NOL Rights Plan

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.

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