Press release
DMC Global Enters into Cooperation Agreement with Bradley L. Radoff
BROOMFIELD, Colo., March 15, 2024 (GLOBE NEWSWIRE) -- DMC Global Inc. (Nasdaq: BOOM) today announced that the Company has entered into a cooperation agreement
About this update from Dmc Global Inc.
[{"type":"text","content":"BROOMFIELD, Colo., March 15, 2024 (GLOBE NEWSWIRE) -- DMC Global Inc. (Nasdaq: BOOM) today announced that the Company has entered into a cooperation agreement (the \"Cooperation Agreement\") with Bradley L. Radoff and his affiliate (the “Radoff Parties”), pursuant to which the Company and the Radoff Parties will identify and mutually agree to appoint a new independent director to the board of directors of DMC (the “Board”) with expertise and experience in the building products sector. Pursuant to the terms of Cooperation Agreement, the Board will promptly commence a formal search for qualified director candidates, in accordance with DMC’s established process for director recruitment and with the aid of a nationally recognized executive search firm. Prior to entering into the Cooperation Agreement, consistent with the Board’s refreshment practices and its retirement policy contained in DMC’s Corporate Governance Guidelines, the Board determined that Robert Cohen and Richard Graff will not be renominated for election at the 2024 Annual Meeting. As a result, effective as of the 2024 Annual Meeting, the size of the Board will be reduced to seven directors, subject to increase for the appointment of the new independent director. The Radoff Parties have agreed to certain customary provisions, including standstill and voting obligations. The complete Cooperation Agreement has been filed by the Company with the U.S. Securities and Exchange Commission as an exhibit to a Current Report on Form 8-K. AdvisorsWomble Bond Dickinson (US) LLP and Richards, Layton & Finger, P.A. are acting as DMC’s legal advisors, Morrow Sodali is acting as its strategic stockholder advisor, and Gagnier Communications LLC is its communications advisor. Olshan Frome Wolosky LLP is serving as legal counsel and Longacre Square Partners is serving as strategic advisor to the Radoff Parties. About DMC GlobalDMC Global is an owner and operator of innovative, asset-light manufacturing businesses that provide unique, highly engineered products and differentiated solutions. DMC’s businesses have established leadership positions in their respective markets and consist of: Arcadia, a leading supplier of architectural building products; DynaEnergetics, which serves the global energy industry; and NobelClad, which addresses the global industrial infrastructure and transporta...