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.
Price: 15.19, Change: -0.07, Percent Change: -0.46
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.