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http://www.news.com/Lucent-spinoff-falls-in-market-debut/2100-1033_3-246474.html

Published: October 2, 2000, 2:35 PM PDT

"Unlike most initial public stock offerings (IPOs), which open for trading at a specific predetermined price, Avaya had traded on a "when-issued" basis since Sept. 18, when it opened at $20.50 and closed unchanged, according to the company. Stocks that trade on a when-issued basis are conditional, because the stock has been authorized but not yet formally issued. Avaya's stock price climbed over the last week before opening at $22.88 today, the company's first day of regular public Stock Market trading."

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