Business
Identiv Announces Stockholder Approval of Transaction with Security Solutions Provider Vitaprotech
Over 96% of Shares Voting at Annual Meeting Support Board-Proposed Strategic Transaction Company Poised to Close Strategic Transaction in Third Quarter of
About this update from Identiv, Inc.
[{"type":"text","content":"\nOver 96% of Shares Voting at Annual Meeting Support Board-Proposed Strategic Transaction\n\n\nCompany Poised to Close Strategic Transaction in Third Quarter of 2024, Securing Capital to Invest in the Growth of its IoT Solutions Business\n\n\n FREMONT, Calif.--(BUSINESS WIRE)--\nIdentiv, Inc. (NASDAQ: INVE), a global digital security and identification leader in the Internet of Things (IoT), today announced that its stockholders approved the asset sale transaction with Vitaprotech, a security solutions provider, at the Company’s Annual Meeting held on June 28, 2024.\n\n\nThe Company sought stockholder approval of the asset sale. Approximately 96% of shares voted were voted ‘FOR’ the asset sale proposal. Approximately 72% of the Company’s outstanding shares voted on the proposal, reflecting high interest in and support of the Company’s strategic direction, as proposed and recommended by the Company’s Board of Directors.\n\n\n“On behalf of the Board of Directors, we would like to thank our stockholders for their support of the asset sale transaction,” said James Ousley, Chairman of the Board. “Having achieved this important milestone, we look forward to closing the transaction, which provides capital to support the future growth of our IoT business. This includes the accelerated transition of RFID production from Singapore to our facility in Thailand and targeted technology, sales, and business development initiatives to establish leadership in key RFID-enabled IoT applications. We believe the strong vote in favor of the transaction validates the strategic actions taken by the Board to develop and expand the Company’s IoT solutions business.”\n\n\nThe detailed voting results are provided in the Current Report on Form 8-K filed with the SEC on July 2, 2024. The Company has previously received approval or cleared applicable waiting periods under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended, and the United Kingdom National Security and Investment Act 2021. The only outstanding regulatory condition to closing is clearance from the Committee on Foreign Investment in the United States (CFIUS).\n\n\nThe transaction remains on track to close in the third quarter of 2024, as previously disclosed. Upon closing the transaction, Identiv will receive a cash payment of $145.0 million, subject to customary adjustments pu...