Tredegar to sell 18% kaleo stake for $45.8M; Marathon Asset Management provides liquidity event

TREDEGAR CORP

Tredegar expects cash proceeds of $45.8M from sale of 3,382,473 kaleo shares at $13.53 per share (including accrued dividends).
Potential additional payments: up to $1.4M within 6 months of closing, and up to $5.5M in 2023 and $8.3M in 2024 based on kaleo revenue targets.
Estimated fair value of investment was $35.5M as of Sep 30, 2021; aggregate cost basis was $7.5M with a tax basis of $15.4M.
Tredegar received a $17.6M cash dividend from kaleo in April 2019; expects to use $25M capital loss carryforwards to offset gains.
Closing anticipated by December 31, 2021, subject to customary conditions.

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