Turtle Beach Corporation Announces Termination of Rights Agreement

Rhea-AI Summary

Turtle Beach Corporation has announced the termination of its rights agreement, commonly known as a 'poison pill', which was originally set to expire in 2024. The expiration date has been accelerated to June 2023. Stockholders do not need to take any action as a result of this termination.

Positive

• The termination of the rights agreement may improve governance policies and benefit stockholders.

Negative

• No negative takes found.

WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- Turtle Beach Corporation (Nasdaq: HEAR, the “Company”), a leading gaming headset and audio accessory brand, today announced that its Board of Directors (the “Board”) has unanimously approved the termination of the Company’s rights agreement, commonly referred to as a “poison pill”, which was originally scheduled to expire on March 28, 2024. The rights agreement was amended to accelerate the expiration date to June 15, 2023, effectively terminating the agreement as of that date.

“Turtle Beach is committed to enhancing its governance policies for the benefit of stockholders,” said Terry Jimenez, Chairman of the Board. “The termination of the rights agreement advances that objective.”

Stockholders are not required, nor do they need to take any action because of the termination of the rights agreement.

About Turtle Beach Corporation

Turtle Beach Corporation (www.turtlebeachcorp.com) is one of the world’s leading gaming accessory providers. The Company’s namesake Turtle Beach brand (www.turtlebeach.com) is known for designing best-selling gaming headsets, top-rated game controllers, and groundbreaking gaming simulation accessories. Innovation, first-to-market features, a broad range of products for all types of gamers, and top-rated customer support have made Turtle Beach a fan-favorite brand and the market leader in console gaming audio for over a decade. Turtle Beach’s ROCCAT brand (www.ROCCAT.com) combines detail-loving German innovation with a genuine passion for designing the best PC gaming products, including award-winning keyboards, mice, headsets, mousepads, and other PC accessories. Turtle Beach’s shares are traded on the Nasdaq Exchange under the symbol: HEAR.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230616524695/en/

For Investor Information, Contact:

Cody Slach or Alex Thompson

Gateway Investor Relations

949.574.3860

HEAR@gatewayir.com

For Media Information, Contact:

MacLean Marshall

Sr. Director, Public Relations & Brand Communications

Turtle Beach Corporation

858.914.5093

maclean.marshall@turtlebeach.com

Source: Turtle Beach Corporation

FAQ

What is Turtle Beach Corporation announcing?

Turtle Beach Corporation is announcing the termination of its rights agreement.

What is a rights agreement?

A rights agreement, commonly known as a 'poison pill', is a measure taken by a company to prevent hostile takeovers.

What is the expiration date of the rights agreement?

The expiration date of the rights agreement has been accelerated to June 2023.

Do stockholders need to take any action?

No, stockholders do not need to take any action as a result of this termination.