Business
Gogo Repurchases 1.5 Million Shares of Common Stock from BlackRock
BROOMFIELD, Colo., Sept. 15, 2022 /PRNewswire/ -- Gogo Inc. (NASDAQ: GOGO) ("Gogo" or the "Company"), the world's largest provider of broadband connectivity
About this update from Gogo Inc.
[{"type":"text","content":"BROOMFIELD, Colo., Sept. 15, 2022 /PRNewswire/ -- Gogo Inc. (NASDAQ: GOGO) (\"Gogo\" or the \"Company\"), the world's largest provider of broadband connectivity services for the business aviation market, today announced that it has agreed to repurchase 1,500,000 shares of Common Stock owned by affiliates of BlackRock, Inc. (\"BlackRock\"), in a private transaction, for an aggregate purchase price of $18,345,000, or $12.23 per share (the \"Repurchase\"). The closing of the Repurchase will take place on or before September 21, 2022. The Repurchase is expected to be funded with cash on hand.\nGogo today also announced that BlackRock inadvertently acquired beneficial ownership of more than 4.9% of Gogo's common stock (\"Common Stock\"), exceeding the threshold stipulated in Gogo's Section 382 Rights Agreement, dated September 23, 2020 (the \"Plan\"). On September 15, 2022, pursuant to the Plan and following approval by the Gogo Board of Directors, Gogo requested that BlackRock, as promptly as practicable, divest sufficient shares of Common Stock to take its beneficial ownership below 4.9% (the \"Shareholder Rights Plan Request\"). Following completion of such requested share divestiture, BlackRock shall be deemed not to be an \"Acquiring Person\" under the Plan. Based on information provided by BlackRock, Gogo estimates that after the closing of the Repurchase, BlackRock would need to divest another approximately 100,000 shares of Common Stock in order to divest enough shares of Common Stock so as to not be deemed an \"Acquiring Person\" under the Plan.\nGogo can provide no assurances as to the specific timing and amount of sales by BlackRock or that BlackRock will in fact divest sufficient shares of Common Stock so as to not be deemed an \"Acquiring Person\" under the Plan.\nThis press release is neither an offer to sell nor a solicitation of an offer to purchase any securities.\nAbout GogoGogo is the world's largest provider of broadband connectivity services for the business aviation market. We offer a customizable suite of smart cabin systems for highly integrated connectivity, inflight entertainment and voice solutions. Gogo's products and services are installed on thousands of business aircraft of all sizes and mission types from turboprops to the largest global jets, and are utilized by the largest fractional ownership operat...