Allegro MicroSystems (ALGM) has provided an update.
Allegro MicroSystems, Inc. has entered into a share repurchase agreement with Sanken Electric Co., Ltd., agreeing to buy back 38,767,315 shares on the same terms as their public equity offering. This move will reduce Sanken’s ownership to approximately 33.2% and is financed by the offering’s proceeds, with additional funding from a credit agreement if needed. Furthermore, the agreement includes stipulations on Sanken’s actions with the shares during a lock-up period, and a board member from Sanken resigned due to the anticipated ownership reduction. The amended agreements between Allegro and Sanken reshape their corporate governance structure and Sanken’s board representation based on ownership levels.
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