CEO Eileen Drake and Committee for Aerojet Rocketdyne Shareholders and Value Maximization Extremely Pleased with Delaware Court's Opinion
Aerojet Rocketdyne's shareholders will have a clear opportunity to determine the company's future in a special meeting scheduled for June 30, 2022, following a favorable ruling from the Delaware Court of Chancery. CEO Eileen Drake expressed satisfaction with the court's decision, which dismissed attempts by Mr. Lichtenstein to invalidate shareholder consents. The company incurred substantial legal expenses due to unnecessary litigation, which could have been avoided. Drake and the board are optimistic about the upcoming vote and encourage shareholders to participate.
- Delaware Court ruling allows for special shareholder meeting on June 30, 2022.
- Court dismissed Lichtenstein's request to invalidate consents and proxies, affirming shareholder rights.
- CEO Eileen Drake expresses a positive outlook for the upcoming vote.
- The company incurred millions in unnecessary litigation costs due to a dispute with Mr. Lichtenstein.
- The legal distraction may have diverted resources and focus from key business operations.
-Court's decision clears way for special meeting of shareholders on June 30, 2022
EL SEGUNDO, Calif., June 16, 2022 /PRNewswire/ -- Eileen Drake (the CEO of Aerojet Rocketdyne (NYSE: AJRD) ("Aerojet Rocketdyne" or the "Company")) and Gen. Kevin Chilton (Ret.), Thomas Corcoran and Gen. Lance Lord (Ret.) (three of its independent directors) issued the following statement:
"We are extremely pleased by the opinion issued today by the Delaware Court of Chancery. There is now a clear path for Aerojet Rocketdyne shareholders to decide the future of the Company at the special meeting on June 30th.
"We also are gratified that the Court rejected Mr. Lichtenstein's request to stifle shareholder voices by invalidating consents and proxies previously issued in connection with the election. And we are pleased—and not at all surprised—that the Court denied Mr. Lichtenstein's baseless request to hold the members of the Drake slate in contempt of the Court's temporary restraining order.
"The Court's decision ultimately provides for the same relief we had offered Mr. Lichtenstein months ago in an effort to avoid the waste and distraction of unnecessary litigation. It is unfortunate that Mr. Lichtenstein rejected our common-sense offer, and instead forced the parties and Aerojet Rocketdyne to spend millions of dollars on wasteful and costly litigation – and enormous distraction to the Company-- that resulted in the same outcome.
"We look forward to Aerojet Rocketdyne shareholders casting their ballots at the June 30 special meeting."
Important Information
This communication is being made in the participants' individual capacity, and not by or on behalf of the Company. No Company resources were used in connection with these materials. On June 1, 2022, Eileen P. Drake, General Kevin Chilton, USAF (Ret.), General Lance Lord, USAF (Ret.) and Thomas Corcoran (the "Incumbent Directors") filed a definitive proxy statement with the Securities and Exchange Commission (the "SEC") in connection with the solicitation of proxies for a special meeting of stockholders of the Company to be held on June 30, 2022.
Contact:
D.F. King & Co., Inc.
Edward T. McCarthy / Tom Germinario
AJRD@dfking.com
Committee's Website:
https://maximizeajrdvalue.com/
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SOURCE Committee for Aerojet Rocketdyne Shareholders and Value Maximization
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