Item 8.01 Other Events.
On
The restrictions described above do not prohibit any of the directors from directly or indirectly making an offer to acquire, and/or consummating the acquisition of, all of the issued and outstanding shares of the Company's common stock pursuant to a merger or other agreement entered into with the Company in compliance with applicable law that is approved by (i) a majority of the members of the Board not including any directors of the Company participating directly or indirectly as an acquiror in such acquisition and (ii) the holders of a majority of the shares of the Company's common stock not including the shares that are beneficially owned by the director making the offer, his affiliates or any other party participating directly or indirectly as an acquiror in such acquisition.
The Director Standstill Commitments are binding and irrevocable and extend until the later of (i) two years and (ii) the date upon which the director's service as a member of the Board ends.
The directors indicated that they provided the Director Standstill Commitments
to show their commitment and loyalty to the Company, as well as to demonstrate
the falsity of the allegations made against the directors in the lawsuit filed
by
The Company has previously stated that the
The Company continues to believe that the delisting and proposed deregistration are in the best interests of the Company and its shareholders. The Company believes that it is unfortunate that the ability of the Company to achieve the expected cost savings from the deregistration has been impeded by the litigation.
The foregoing description of the Director Standstill Commitments is not complete and is qualified by reference by the full text of the Director Standstill Commitments, a copy of which is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Current Report by reference.
© Edgar Online, source