Orion Energy Systems to Allow Shareholder Rights Plan to Expire in January 2022
Orion Energy Systems (NASDAQ: OESX) announced its Board of Directors has decided to let its shareholder rights plan expire on January 7, 2022. CEO Mike Altschaefl stated that the expiration reflects the company's current profitability and solid growth, deeming the plan unnecessary. Originally implemented in 2009 to protect against hostile takeovers, the board believes that Orion’s improved financial performance justifies this decision. The company specializes in energy-efficient LED lighting and IoT systems, aiming to help clients reduce energy consumption and carbon footprints.
- Orion is currently profitable and on a solid growth trajectory.
- The expiration of the shareholder rights plan signifies confidence in the company's stability.
- None.
MANITOWOC, Wis., Dec. 22, 2021 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, controls and IoT systems, including turnkey project implementation, program management and system maintenance, today announced that its Board of Directors, after careful consideration, has determined to allow Orion’s shareholder rights plan to expire by its terms on January 7, 2022.
Mike Altschaefl, Orion’s Chief Executive Officer and Board Chair commented, “Orion’s board has determined that it is in Company’s and stakeholders’ best interests to allow our shareholder rights plan to expire at the end of its term in January 2022. The plan had been put in place in January 2009 as a protective measure at a time when Orion’s share price and operating performance made it potentially vulnerable to hostile efforts to gain control. Now that the business is profitable and on a solid growth trajectory, the Board agrees that a shareholder rights plan is no longer needed.”
About Orion Energy Systems
Orion provides innovative LED lighting systems and turnkey project implementation including installation and commissioning of fixtures, controls and IoT systems, as well as ongoing system maintenance and program management. We help our customers achieve energy savings with healthy, safe and sustainable solutions, enabling them to reduce their carbon footprint and digitize their business.
Safe Harbor Statement
Certain matters discussed in this press release, are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements will include words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or words of similar import. Similarly, statements that describe our future plans, objectives or goals, including business relationships with government customers, are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected including, but not limited to, the risks described in our filings with the Securities and Exchange Commission.
Shareholders, potential investors and other readers are urged to consider risks and uncertainties carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at http://www.sec.gov or at http://investor.oriones.com/ in the Investor Relations section of our Website. Except as required by applicable law, we assume no obligation to update any forward-looking statements publicly or to update the reasons why actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.
Twitter: @OrionLighting and @OrionLightingIR
StockTwits: @Orion_LED_IR
Investor Relations Contacts
| Per Brodin, CFO | William Jones; David Collins |
| Orion Energy Systems, Inc. | Catalyst IR |
| pbrodin@oesx.com | (212) 924-9800 or OESX@catalyst-ir.com |
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