Emcore Corporation Confirms Receipt of Unsolicited, Non-Binding Proposal from Mobix Labs, Inc.
EMCORE (Nasdaq: EMKR), the world's largest independent provider of inertial navigation solutions for aerospace and defense, has received an unsolicited, non-binding proposal from Mobix Labs, Inc. The proposal aims to acquire all of EMCORE's outstanding shares for $3.80 per share in cash.
EMCORE's Board of Directors is evaluating various strategic and financial options to enhance shareholder value. The board, along with management and financial and legal advisors, will carefully review Mobix's proposal to determine the best course of action for the company and its shareholders.
EMCORE has stated it will not provide further comments or public updates regarding potential transactions unless required by law or regulatory bodies. The company emphasizes that there is no assurance that any transaction will be completed at the proposed price or with any third party.
EMCORE (Nasdaq: EMKR), il più grande fornitore indipendente al mondo di soluzioni di navigazione inerziale per il settore aerospaziale e della difesa, ha ricevuto una proposta non vincolante e non richiesta da Mobix Labs, Inc. La proposta mira ad acquisire tutte le azioni in circolazione di EMCORE per 3,80$ per azione in contante.
Il Consiglio di Amministrazione di EMCORE sta valutando diverse opzioni strategiche e finanziarie per aumentare il valore per gli azionisti. Il consiglio, insieme alla direzione e ai consulenti finanziari e legali, esaminerà attentamente la proposta di Mobix per determinare il miglior corso d'azione per l'azienda e i suoi azionisti.
EMCORE ha dichiarato che non fornirà ulteriori commenti o aggiornamenti pubblici riguardo potenziali transazioni a meno che non sia richiesto dalla legge o dagli organi di regolamentazione. L'azienda sottolinea che non c'è garanzia che qualsiasi transazione sarà completata al prezzo proposto o con qualsiasi terza parte.
EMCORE (Nasdaq: EMKR), el mayor proveedor independiente de soluciones de navegación inercial para la aeronáutica y la defensa en el mundo, ha recibido una propuesta no solicitada y no vinculante de Mobix Labs, Inc. La propuesta busca adquirir todas las acciones en circulación de EMCORE por 3.80$ por acción en efectivo.
La Junta Directiva de EMCORE está evaluando diversas opciones estratégicas y financieras para aumentar el valor para los accionistas. La junta, junto con la dirección y asesores financieros y legales, revisará cuidadosamente la propuesta de Mobix para determinar el mejor curso de acción para la empresa y sus accionistas.
EMCORE ha declarado que no proporcionará más comentarios ni actualizaciones públicas sobre transacciones potenciales a menos que sea requerido por la ley o por organismos reguladores. La empresa enfatiza que no hay garantía de que alguna transacción se complete al precio propuesto o con cualquier tercera parte.
EMCORE (Nasdaq: EMKR)는 항공우주 및 방위 분야에서 관성 항법 솔루션을 제공하는 세계 최대의 독립 공급업체로서, Mobix Labs, Inc.로부터 비공식적이고 구속력 없는 제안을 받았습니다. 이 제안은 EMCORE의 모든 유통 주식을 주당 3.80달러에 현금으로 인수하는 것을 목표로 하고 있습니다.
EMCORE의 이사회는 주주 가치를 향상시키기 위해 다양한 전략적 및 재무 옵션을 평가하고 있습니다. 이사회는 경영진 및 재무, 법률 자문과 함께 Mobix의 제안을 신중하게 검토할 것이며, 회사와 주주를 위한 최선의 조치를 결정할 예정입니다.
EMCORE는 법률이나 규제 기관에서 요구하지 않는 한 잠재적 거래에 대해 추가 의견이나 공개 업데이트를 제공하지 않을 것이라고 밝혔습니다. 회사는 어떤 거래가 제안된 가격으로 완료될 것이라는 보장이 없다고 강조하고 있습니다.
EMCORE (Nasdaq: EMKR), le plus grand fournisseur indépendant au monde de solutions de navigation inertielle pour l'aérospatiale et la défense, a reçu une proposition non sollicitée et non contraignante de Mobix Labs, Inc. La proposition vise à acquérir toutes les actions en circulation d'EMCORE pour 3,80 $ par action en espèces.
Le Conseil d'administration d'EMCORE évalue diverses options stratégiques et financières pour accroître la valeur pour les actionnaires. Le conseil, avec la direction et les conseillers financiers et juridiques, étudiera attentivement la proposition de Mobix afin de déterminer la meilleure marche à suivre pour l'entreprise et ses actionnaires.
EMCORE a déclaré qu'elle ne fournirait pas de commentaires supplémentaires ni de mises à jour publiques concernant les transactions potentielles, sauf si la loi ou les organismes de réglementation l'exigent. L'entreprise souligne que il n'y a aucune assurance qu'une transaction sera réalisée au prix proposé ou avec un tiers.
EMCORE (Nasdaq: EMKR) ist der größte unabhängige Anbieter von inertial-navigationslösungen für Luft- und Raumfahrt sowie Verteidigung der Welt und hat ein unverlangtes, unverbindliches Angebot von Mobix Labs, Inc. erhalten. Das Angebot zielt darauf ab, alle ausstehenden Aktien von EMCORE für 3,80$ pro Aktie in bar zu erwerben.
Der Vorstand von EMCORE prüft verschiedene strategische und finanzielle Optionen, um den Wert für die Aktionäre zu steigern. Der Vorstand wird zusammen mit dem Management sowie Finanz- und Rechtsberatern Mobixs Vorschlag sorgfältig prüfen, um den besten Kurs für das Unternehmen und seine Aktionäre zu bestimmen.
EMCORE hat erklärt, dass es keine weiteren Kommentare oder öffentlichen Aktualisierungen zu potenziellen Transaktionen abgeben wird, es sei denn, dies ist gesetzlich oder von Regulierungsbehörden erforderlich. Das Unternehmen betont, dass keine Gewissheit besteht, dass eine any transaction completed zu dem vorgeschlagenen Preis oder mit einem Dritten.
- Received acquisition proposal at $3.80 per share in cash
- Board actively evaluating strategic and financial options to enhance shareholder value
- Proposal is unsolicited and non-binding
- No assurance of transaction completion at proposed price or with any party
Insights
The unsolicited, non-binding proposal from Mobix Labs to acquire EMCORE at
However, it's important to note that this is a non-binding proposal and there's no guarantee of a transaction. The Board's commitment to evaluating "a range of strategic and financial options" suggests they may be open to other offers or alternatives. This news could potentially spark interest from other potential acquirers, possibly leading to a bidding war.
For investors, this development is generally positive as it highlights potential undervaluation of EMCORE's assets and technology in the inertial navigation solutions space. The aerospace and defense industry focus adds strategic value, which could attract multiple suitors. However, the uncertainty of the deal's completion and the lack of financial details about EMCORE's current performance make it difficult to assess the full impact on shareholder value at this stage.
The board's response to this unsolicited offer aligns with standard corporate governance practices. By stating they will "carefully review" the proposal, they're fulfilling their fiduciary duty to act in shareholders' best interests. The mention of consulting with financial and legal advisors indicates a thorough evaluation process.
Importantly, the company's statement about not providing further comments unless required by law is a prudent legal strategy. This approach helps maintain confidentiality during negotiations and prevents potential market manipulation or insider trading concerns.
Shareholders should note the cautionary language used, particularly the statement that there's no assurance of a transaction "at this price or at any other price." This disclaimer is important for managing expectations and mitigating legal risks associated with forward-looking statements. It's a reminder that while the offer is on the table, many factors could influence the final outcome, including regulatory approvals, due diligence findings and potential competing bids.
BUDD LAKE, NJ, Oct. 01, 2024 (GLOBE NEWSWIRE) -- EMCORE Corporation (Nasdaq: EMKR) (“Emcore” or the “Company), the world’s largest independent provider of inertial navigation solutions to the aerospace and defense industry, today confirmed that it has received an unsolicited, non-binding proposal from Mobix Labs, Inc. (“Mobix”) to acquire all of the Company’s outstanding shares for
The Company’s Board of Directors continues to evaluate a range of strategic and financial options to enhance shareholder value. The Company’s Board of Directors and management team are committed to acting in the best interests of all shareholders. Consistent with its fiduciary duties and in consultation with the Company’s financial and legal advisors, the Company’s Board of Directors will carefully review Mobix’s proposal to determine the course of action that it believes is in the best interest of the Company and its shareholders. The Company does not intend to make further comments regarding potential transactions or provide any public updates regarding proposed or potential transactions, unless required by applicable law or a regulatory body. There can be no assurance that any transaction will be completed at this price or at any other price with such third party or any other third party.
About EMCORE
EMCORE Corporation is a leading provider of inertial navigation products for the aerospace and defense markets. We leverage industry-leading Photonic Integrated Chip (PIC), Quartz MEMS, and Lithium Niobate chip-level technology to deliver state-of-the-art component and system-level products across our end-market applications. EMCORE has vertically-integrated manufacturing capability at its facilities in Budd Lake, NJ, Concord, CA, and Tinley Park, IL. Our manufacturing facilities all maintain ISO 9001 quality management certification, and we are AS9100 aerospace quality certified at our facilities in Budd Lake and Concord. For further information about EMCORE, please visit https://www.emcore.com.
Forward-Looking Statements
The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (“Exchange Act”). These forward-looking statements are based on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Such forward-looking statements include, in particular, statements about a potential transaction with Mobix or other parties.
These forward-looking statements may be identified by the use of terms and phrases such as “anticipates”, “believes”, “can”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “may”, “plans”, “projects”, “targets”, “will”, and similar expressions or variations of these terms and similar phrases. Additionally, statements concerning future matters such as the development of new products, future growth, enhancements or technologies, sales levels, expense levels, and other statements regarding matters that are not historical are forward-looking statements. We caution that these forward-looking statements relate to future events or our future financial performance and are subject to business, economic, and other risks and uncertainties, both known and unknown, that may cause actual results to be materially different from those expressed or implied by any forward-looking statements.
These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, including without limitation, the following: (a) risks related to our ability to reach an agreement with Mobix or any other third party for the sale of the company due to a variety of factors, some of which are not within our control; (b) even if we reach an agreement for the sale of the company with Mobix or any other third party, risks that any transaction will be subject to closing conditions, which may not be satisfied and the closing of such transaction may not occur; (c) risks related to our business as a result of the time necessary to review and explore the offer from Mobix and potentially other offers, including the potential loss of customers, the loss of revenue and other negative impacts from the time management must devote to these discussions; (d) risks related to the loss of personnel; (e) general acquisition-related risks, including that the costs and cash expenditures associated with exploring and executing a potential transaction; and (f) other risks and uncertainties discussed under Item 1A - Risk Factors in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023, as updated by our subsequent periodic reports.
Forward-looking statements are based on certain assumptions and analysis made in light of our experience and perception of historical trends, current conditions, and expected future developments as well as other factors that we believe are appropriate under the circumstances. While these statements represent our judgment on what the future may hold, and we believe these judgments are reasonable, these statements are not guarantees of any events or financial results. All forward-looking statements in this press release are made as of the date hereof, based on information available to us as of the date hereof, and subsequent facts or circumstances may contradict, obviate, undermine, or otherwise fail to support or substantiate such statements. We caution you not to rely on these statements without also considering the risks and uncertainties associated with these statements and our business that are addressed in our filings with the Securities and Exchange Commission (“SEC”) that are available on the SEC’s web site located at www.sec.gov, including the sections entitled “Risk Factors” in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Certain information included in this press release may supersede or supplement forward-looking statements in our other Exchange Act reports filed with the SEC. We do not intend to update any forward-looking statement to conform such statements to actual results or to changes in our expectations, except as required by applicable law or regulation.
Investor Contact:
EMCORE Corporation
Tom Minichiello
Chief Financial Officer
investor@emcore.com
Source: EMCORE Corporation
FAQ
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