Daktronics (DAKT) shares were down nearly 5% in recent trading Wednesday after the company said its board approved an amendment to its existing shareholder rights agreement and extended its expiration date to Nov. 19, 2025.
The amendment also changed the exercise price to $40 and beneficial ownership threshold at which rights can be exercised to 15%, according to the company.
The company said that the board determined that conversion of $7 million of the $25 million loan from Alta Fox Capital Management into 1.1 million Daktronics shares is in the best interest of shareholders. The conversion will give Alta Fox approximately 6% ownership of the company.
Existing shareholders above the beneficial threshold are grandfathered in to the agreement but cannot increase their ownership without triggering the shareholder rights agreement, Daktronics said.
Price: 14.43, Change: -0.75, Percent Change: -4.94
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