Benzinga | Jan 7, 2022 05:07PM EST

Steel Excel Inc., A Wholly Owned Subsidiary Of Steel Partners Holdings L.P., To Acquire iGo, Inc. At $5.50/Share

iGo, Inc. (OTC:IGOI) ("iGo") has announced that its largest stockholder, Steel Excel Inc. ("Steel Excel"), a wholly owned subsidiary of Steel Partners Holdings LP (NYSE:SPLP), has informed iGo that Steel Excel has entered into stock purchase agreements with certain stockholders of iGo to purchase such stockholders' shares of iGo common stock at $5.50 per share in cash. Following the acquisition of shares pursuant to the stock purchase agreements, Steel Excel will own more than 90% of iGo's outstanding shares.

Steel Excel expects to merge with iGo on January 14, 2022 without a vote or meeting of iGo's stockholders pursuant to a short-form merger under the General Corporation Law of the State of Delaware. All remaining shares of iGo common stock not owned by Steel Excel immediately prior to the merger (other than treasury shares held by iGo, any shares owned by any direct or indirect subsidiary of Steel Excel or iGo, and any shares held by any iGo stockholder who has properly demanded appraisal rights) will be converted into the right to receive per share consideration of $5.50 in cash, without interest, less any deductions or withholding of taxes required by applicable law. Upon completion of the merger, iGo will become an indirect wholly owned subsidiary of Steel Excel. iGo common stock will no longer be traded on the OTC Markets.