Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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

UniTek Global Services, Inc. (UNTK: Quote) 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.

Click here to receive FREE breaking news email alerts for UniTek Global Services, Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Denis Mukwege, a doctor from the Democratic Republic of Congo, has won this year's Sakharov Prize for Freedom of Thought for helping thousands of gang rape victims in the country. The award was instituted by the European Parliament, and the laureate for 2014 was selected by EP President Martin Schulz and the political group leaders. Announcing Europe's top human rights prize Tuesday, Schulz said Stocks moved sharply higher over the course of the trading day on Tuesday, extending the recovery from the sell-off seen in recent weeks. The Nasdaq and the S&P 500 closed higher for the fourth consecutive session but remain well off their mid-September highs. Despite indications that the spread of Ebola inside the U.S. has been contained, the results of a new Gallup poll show the deadly disease had made its debut on a list of the top 10 most important problems facing the country.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.