Maxwell Technologies Inc shares valued at $4.75 in exchange offer. NEWS PROVIDED BY Maxwell Technologies, Inc., Feb 04, 2019, 08:30 ET
SAN DIEGO, Feb. 4, 2019 /PRNewswire/ –Firstly, Maxwell Technologies, Inc. (Nasdaq:MXWL or “Maxwell”) is a leading developer and manufacturer of energy solutions. They announced a definitive merger agreement to be acquired by Tesla, Inc. (Nasdaq: TSLA or “Tesla”). Tesla will begin an all stock exchange offer for all the issued and outstanding shares of the Company (the “Offer”). Therefore and after which the Maxwell will be merging with a Tesla subsidiary. Finally and once merged with the subsidiary will then become a wholly owned subsidiary of Tesla.
What Does Maxwell Technologies Get Tesla?
Firstly, Maxwell Technologies INC is a global leader. A leader in the development and manufacturing of creative, cost-effective energy and power delivery solutions.
They have developed and transformed patented, proprietary and fundamental dry electrode manufacturing technology. Most importantly one that they have been using to make ultra capacitors. Thereby an ultracapacitor is a breakthrough technology. One that can be applied to the manufacturing of batteries.
Bottom line, their ultra capacitor products provide safe and reliable power solutions. Solutions for applications in consumer and industrial electronics, transportation, renewable energy and information technology.
In conclusion, the Offer will value each share of Maxwell common stock at $4.75 per share. Pursuant to the Offer, each share of Maxwell common stock will be exchanging for a percentage of a share of Tesla’s common stock. That’s equal to more importantly the quotient obtained by dividing $4.75 by a volume weighted average price of one share of Tesla’s common stock. More importantly and reported on the NASDAQ Global Select Market. That is for the five consecutive trading days preceding expiring of the Offer. In addition and which is subject to a floor. A floor that being set at 80% of a volume weighted average price. An average price of Tesla common stock more importantly calculated before signing.
“We are very excited with today’s announcement that Tesla has agreed to acquire Maxwell. Tesla is a well-respected and world-class innovator that shares a common goal of building a more sustainable future,” said Dr. Franz Fink, President and Chief Executive Officer of Maxwell.
Furthermore they believe that this merger is in the best interests of Maxwell stockholders. Therefore it’s offering investors the opportunity to take part in Tesla’s mission. One that is accelerating sustainable transport and energy.
DLA Piper, LLP (US) representing Maxwell as outside legal counsel. As well as Barclays Capital Inc. is serving as independent advisor to Maxwell. Finally and more noteworthy are connecting with the transaction. Wilson Sonsini Goodrich & Rosati representing Tesla as outside legal counsel.
SOURCE Maxwell Technologies, Inc.