IsZo Capital Pleased by Court’s Ruling to Void Nam Tai’s $170 Million Private Placement
IsZo Capital Management LP (together with its affiliates, “IsZo”), which beneficially owns approximately
The Court found that Nam Tai’s Board of Directors (the “Board”) acted for an improper purpose when initiating the dilutive transaction in October 2020. It was determined that execution of the private placement was a breach of the directors’ fiduciary duties and was undertaken to give Kaisa de facto control of the Company in response to a requisition from approximately
As part of today’s ruling, the Court is ordering Nam Tai to convene the Special Meeting as soon as reasonably practical. The particulars of the meeting are being finalized with the Court and IsZo will further update shareholders when more information becomes available.
Shareholders interested in learning more should contact our solicitor, Saratoga Proxy Consulting, at info@saratogaproxy.com or (212) 257-1311. We also encourage shareholders to learn more about our slate and sign up for important updates by visiting www.FixNTP.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210303005608/en/