Steel Excel Inc., a Wholly Owned Subsidiary of Steel Partners Holdings L.P., to Acquire iGo, Inc. at $5.50 Per Common Share
iGo, Inc. (OTC PINK: IGOI) announced that Steel Excel Inc., its largest stockholder, has entered stock purchase agreements to acquire shares at $5.50 per share. Post-acquisition, Steel Excel will hold over 90% of iGo's outstanding shares. A merger is planned for January 14, 2022, without a stockholder vote, converting remaining shares into cash at the same price. Following the merger, iGo will be an indirect wholly owned subsidiary of Steel Excel and will cease trading on OTC Markets.
- Steel Excel to purchase shares at $5.50, providing liquidity to existing shareholders.
- Expected merger streamlines operations under Steel Excel, potentially enhancing management efficiency.
- iGo common stock will no longer be publicly traded, limiting liquidity for remaining shareholders.
- Steel Excel's acquisition results in significant dilution of other stockholders' ownership percentages.
Steel Excel expects to merge with iGo on
About iGo
iGo's Kasco subsidiary (www.kasco.com) provides metallic blade products for the meat cutting, food cutting, and wood cutting industries to the global market. Its route distribution unit provides the
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Forward-Looking Statements
Certain information in this press release may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated. Such forward-looking statements do not guaranty future performance and are subject to various factors that could cause actual results to differ materially. Undue reliance should not be placed on such forward-looking statements. Due to the continued uncertainty of the impact of COVID-19 on the global economy, it is difficult to predict the duration of the pandemic and its impact on the Company's business, operations, and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, or any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements. Additionally, the Company does not undertake any responsibility to provide updates on the occurrence of unanticipated events which may cause actual results to differ from those expressed or implied by these forward-looking statements.
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FAQ
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