Buyer Group Led by Evercel Completes Acquisition of ZAGG

Rhea-AI Summary

ZAGG Inc has completed its sale to a buyer group led by Evercel, Inc., previously announced on December 11, 2020. Stockholders will receive $4.20 per share in cash, plus a potential additional payment of up to $0.30 per share. Following this transaction, ZAGG's common stock will no longer trade on the Nasdaq Global Select exchange. ZAGG is a leader in mobile lifestyle accessories, while Evercel takes a hands-on approach to managing acquired businesses.

Positive

• Stockholders receive $4.20 per share in cash.
• Potential additional payment up to $0.30 per share.

Negative

• ZAGG's common stock will cease to trade on Nasdaq, limiting shareholder liquidity.

SALT LAKE CITY, Feb. 22, 2021 (GLOBE NEWSWIRE) -- ZAGG Inc (Nasdaq: ZAGG) (“we,” “us,” “our,” “ZAGG,” or the “Company”), a leading global mobile lifestyle company, today announced the completion of its sale to a buyer group led by Evercel, Inc. (“Evercel”).

The transaction was previously announced on December 11, 2020 and received approval from ZAGG’s stockholders on February 18, 2021. As a result of the completion of the transaction, ZAGG’s stockholders will receive $4.20 per share in cash and a contingent right to receive an additional payment of up to $0.30 per share, and ZAGG’s common stock will cease to trade on the Nasdaq Global Select exchange.

About ZAGG Inc

ZAGG Inc (NASDAQ: ZAGG) is a global leader in accessories and technologies that empower mobile lifestyles. The Company has an award-winning product portfolio that includes screen protection, mobile keyboards, power management solutions, social tech, and personal audio sold under the ZAGG^®, mophie^®, InvisibleShield^®, IFROGZ^®, Gear4^®, and HALO^® brands. ZAGG has operations in the United States, Ireland, and China. ZAGG products are available worldwide, and can be found at leading retailers including Best Buy, Verizon, AT&T, Sprint, T-Mobile, Walmart, Target, and Amazon.com. For more information, please visit the Company's website at www.ZAGG.com and follow us on Facebook, Twitter, and Instagram.

About Evercel, Inc.

Evercel, Inc. (OTCMKTS: EVRC) is a holding company that brings an entrepreneurial approach to acquiring and managing business through a hands-on, data-driven approach to partnering with strong management teams for long term results.

CONTACT:

Investor Relations:
ICR Inc.
Brendon Frey
203-682-8216
brendon.frey@icrinc.com

Company:
ZAGG Inc
Jeff DuBois
801-506-7336
jeff.dubois@ZAGG.com

FAQ

What is the new share price for ZAGG after the sale?

ZAGG stockholders will receive $4.20 per share in cash.

Who is acquiring ZAGG Inc?

ZAGG Inc is being acquired by a buyer group led by Evercel, Inc.

When was the acquisition of ZAGG completed?

The acquisition was completed on February 22, 2021.

What will happen to ZAGG's stock after the sale?

ZAGG's common stock will cease to trade on the Nasdaq Global Select exchange.

Is there a possibility for additional payments to ZAGG shareholders?

Yes, there is a contingent right to receive up to an additional $0.30 per share.