Daktronics rejects Alta Fox's demand to repurchase convertible debt at over 3x face value

DAKTRONICS INC /SD/

Alta Fox demanded early repayment of $25M convertible debt at more than 3x face value (carried at $52.8M fair value).
Board rejected proposal as too costly to common shareholders; made counterproposal at market value.
Alta Fox threatened specious litigation, special meeting, and director nominations to pressure Board.
Daktronics stock closed at $19.24, above Alta Fox's own May 2023 target of ~$16.23.
Company remains focused on business transformation after record FY2024 financial performance.

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