logo
Share SHARE
FONT-SIZE Plus   Neg

UniTek Amends Pinnacle Wireless Earn-Out Deal To Limit Share Issuance

UniTek Global Services, Inc. (UNTK) announced that it has reached an agreement with the shareholders of Pinnacle Wireless, Inc. to amend the March 30, 2011 Asset Purchase Agreement pursuant to which UniTek purchased substantially all of the assets of Pinnacle Wireless.

While the amendment does not change the economic terms of the transaction, it limits the total number of UniTek common shares that can be issued under the agreement to 3,029,856, equal to 19.99% of the shares of UniTek common stock outstanding on the date of the Asset Purchase Agreement, the company said.

As a result, the maximum number of remaining shares to be issued in 2012 as part of the earn-out will not exceed 2,105,000. The company said that it will pay cash in lieu of any shares that would have otherwise been issuable above this limit. Under this arrangement, the maximum cash amount payable in lieu of shares would be approximately $4.4 million.

The company also announced the appointment of Robert Sperry of HM Capital to its Board of Directors, effective April 3, 2012. Sperry replaces Peter Brodsky, a former HM Capital nominee, in a normal-course change in HM Capital's representation on the UniTek Board.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Computer and printer maker Hewlett-Packard Co. said Thursday after the markets closed that its second quarter profit fell 21% from last year, hurt by lower revenue and costs related to the planned separation of the company. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast. Accounting software maker Intuit reported a plunge in third-quarter profit, hurt by impairment charges, even as results topped Wall Street estimates, driven by growth in small business segment amid a strong tax season. Struggling teen-apparel retailer Aeropostale Inc. (ARO), Thursday said its first-quarter loss narrowed from a year ago, driven largely by stronger margins even as revenues continued to plunge dropped. Nevertheless, the company lost almost one-fifth of its market value in after-hours trade, with the...
comments powered by Disqus
Follow RTT