Daktronics (DAKT) said Monday it has entered into a cooperation agreement with its largest shareholder Alta Fox Capital Management and appointed its recommended candidate Peter Feigin to the company's board as a new independent director.
As part of the agreement, Alta Fox has agreed to withdraw all litigation against Daktronics with prejudice and support its reincorporation to Delaware.
Feigin will join the board's transformation committee. He currently serves as the President of Milwaukee Bucks Inc. and the Fiserv Forum sports arena.
Last month, Alta Fox had filed a lawsuit against the company and its chief executive officer, Reece Kurtenbach, to block the company's plan to reincorporate in Delaware.
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