2023-03-20 09:30:09 ET
- Semtech ( NASDAQ: SMTC ) has entered into a Cooperation Agreement with Lion Point Capital, with beneficial ownership of ~4% of Semtech’s outstanding shares of common stock.
- Under the terms, Semtech and Lion Point will confer with one another on the appointment of two independent directors to Semtech’s Board of Directors, ultimately to be selected by Lion Point after receiving the views of Semtech.
- The two new independent directors and eight current Semtech directors will stand for election to the Board at the Co.’s 2023 Annual Meeting.
- Also, pursuant to the agreement, Lion Point has agreed to customary standstill, voting, and other provisions.
- “Through this agreement, we believe the Board will be strengthened with new, highly qualified independent directors who will help position the Company for long-term success." said Cristiano Amoruso, Partner at Lion Point Capital.
For further details see:
emtech enters into cooperation agreement with Lion Point Capital