Smart Global Holdings (SGH) has issued an announcement.
SMART Global Holdings, Inc. has inked a deal with SK Telecom Co., Ltd. to offload 200,000 convertible preferred shares at $1,000 each, totaling a massive $200 million investment. These shares carry a liquidation preference, offer a six percent annual dividend, and grant SK Telecom certain board designation rights and standstill provisions, among other stipulations. The agreement, pivotal for investors to note, also involves registration rights and outlines specific conditions under which the convertible preferred shares can morph into ordinary shares, potentially impacting the company’s ownership structure.
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