Daktronics converts $7M of $25M Alta Fox note to equity; plans share repurchases to offset dilution

DAKTRONICS INC /SD/

Initial $7M conversion of Alta Fox note yields ~1.1M shares at $6.31/share; conversion date Dec 3, 2024.
Remaining $18M note to be converted in $7M tranches every 30 days; note carries 9% interest, due May 2027.
Company expects to save ~$5.4M in future interest expense by converting the note to equity.
Daktronics plans to repurchase shares under existing authorization to offset dilution from conversion.
Alta Fox's 3% ownership cap prevents immediate issuance; shares delivered after certification of lower ownership.

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