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EMCORE Corporation (NASDAQ:EMKR), a New Jersey-based semiconductor company with annual revenue of $81.08 million, has officially completed its acquisition by Velocity One Holdings, LP, as announced today. The company, which saw its stock surge nearly 192% over the past six months according to InvestingPro data, finalized the transaction initially agreed upon on November 7, 2024. The merger culminated with EMCORE becoming an indirect wholly owned subsidiary of the parent company.
With the merger’s effective completion today, each outstanding share of EMCORE’s common stock, excluding treasury shares and shares held by dissenting shareholders, was converted into the right to receive $3.10 in cash per share. This event marks a significant change in control for the company, which maintained a healthy liquidity position with a current ratio of 2.83 and demonstrated strong asset management despite recent market challenges. InvestingPro subscribers can access detailed analysis of similar semiconductor companies through comprehensive Pro Research Reports, available for over 1,400 US-listed companies.
As a result of the merger, trading of EMCORE’s common stock on the Nasdaq Stock Market has been suspended, and the shares will be delisted. The company has notified Nasdaq of these changes and has requested the removal of its common stock from listing and registration under the Securities Exchange Act of 1934.
Furthermore, the merger has led to changes in EMCORE’s leadership. The board of directors, including Matthew Vargas, Cletus C. Glasener, Bruce E. Grooms, Jeffrey J. Roncka, and David Rodgers, have all departed following the completion of the merger. These departures were expected and in line with the terms outlined in the merger agreement. For investors tracking similar corporate transitions, InvestingPro offers exclusive insights and real-time analysis of market-moving events across the semiconductor sector.
In conjunction with the merger, EMCORE’s certificate of incorporation and bylaws were also amended and restated. The company’s fiscal year end remains on September 30, as previously established.
For shareholders holding equity awards, the merger has resulted in the conversion of outstanding restricted stock unit awards and stock options into the right to receive lump-sum cash payments, with specific terms based on the type of award and applicable performance conditions.
This news is based on the latest SEC filings and reflects a significant shift for EMCORE as it transitions from a public entity to a private subsidiary. Shareholders are advised to review the full details of the merger and its implications as provided in the company’s SEC filings.
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