RADA Electronic Industries Ltd. Announces Results of Extraordinary Meeting
October 19 2022 - 10:51AM
On October 19, 2022, RADA Electronic Industries Ltd. (the
“
Company”) held an Extraordinary General Meeting
of Shareholders (the “
Meeting”) at the Company’s
offices located at 7 Giborei Israel Street, Netanya, Israel.
At the Meeting, the following resolutions were
adopted as follows:
- The approval and adoption of the
Agreement and Plan of Merger, dated as of June 21, 2022 (the
“Merger Agreement”), by and among Leonardo DRS,
Inc. (“DRS”), RADA and Blackstart Ltd, a company
organized under the laws of the State of Israel and a wholly owned
subsidiary of DRS (“Merger Sub”); (ii) the merger
contemplated by the merger agreement (the
“Merger”), by which Merger Sub will be merged with
and into RADA in accordance with the provisions of Sections 314-327
of the Companies Law 1999 of the State of Israel, with RADA as the
surviving company of the Merger and thereby becoming a wholly owned
subsidiary of DRS; and (iii) all other transactions contemplated by
the Merger Agreement, all upon the terms and subject to the
conditions set forth in the Merger Agreement.
- The approval of the purchase of a
seven-year “tail” endorsement to RADA’s current directors’ and
officers’ liability insurance policy.
- The approval of payment of a
transaction bonus to RADA’s Chief Financial Officer.
- The approval of the grant of
retention awards by DRS to certain office holders of RADA.
The following proposals were not approved:
- A payment of a transaction bonus to
RADA’s Chief Executive Officer.
- A payment of a transaction bonus to
the Executive Chairman of the RADA board of directors
About RADA
RADA is a global defense technology company
focused on proprietary radar solutions and legacy avionics systems.
The Company is a leader in mini-tactical radars, serving
attractive, high-growth markets which include active military
protection (SHORAD, C-RAM), counter-UAS missions, critical
infrastructure protection and border surveillance.
Company Contact:Avi Israel,
CFOTel: +972-76-538 6200mrkt@rada.comwww.rada.com |
Investor Relations Contact:EK
Global Investor RelationsEhud HelftTel: 1 212 378
8040rada@gkir.com |
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