Benzinga | Nov 12, 2021 11:43AM EST

Team Inc To Issue ~5.9M Warrants At Exercise Price Of $1.50

TEAM, INC. (NYSE:TISI), a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions, today announced that it intends to issue 5,917,051 warrants at an exercise price of $1.50 per share to certain affiliates of Corre Partners Management, LLC and Atlantic Park Strategic Capital Fund, L.P. pursuant to a transaction that would normally require approval of shareholders according to the Shareholder Approval Policy of the New York Stock Exchange (the "Exchange").

The Audit Committee of the Board of Directors of TEAM determined that the delay necessary in securing shareholder approval prior to the issuance of the warrants would seriously jeopardize the financial viability of TEAM. Because of that determination, the Audit Committee, pursuant to an exception provided in the Exchange's shareholder approval policy for such a situation, expressly approved TEAM's omission to seek the shareholder approval that would otherwise have been required under that policy. The Exchange has accepted TEAM's application of the exception.

TEAM, in reliance on the exception, is mailing to all shareholders a letter notifying them of its intention to issue the warrants without seeking their approval. Ten days after such notice is mailed, TEAM will proceed to issue the warrants.