Semtech enters cooperation agreement with Lion Point; two new independent directors to join within 30 days

SEMTECH CORP

Lion Point, ~4% stockholder, will select two independent directors; Board expands from 10 to 12.
Two additional independent directors will be sought; Board slate for 2023 annual meeting includes new and eight current directors.
Investor Directors will serve on Nominating and Corporate Governance Committee and a CEO search committee.
Lion Point agrees to standstill, voting and support for Board nominees until before 2024 annual meeting deadline.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

SEMTECH CORP entered into Cooperation Agreement with Lion Point Capital, LP valued at Board composition, standstill, voting and other obligations (effective 2023-03-17).

Action: entry
Counterparty: Lion Point Capital, LP
Value: Board composition, standstill, voting and other obligations
Effective: 2023-03-17

Exact text from the filing

On March 17, 2023, Semtech Corporation (the “ Company ”) entered into a cooperation agreement (the “ Agreement ”) with Lion Point Capital, LP and certain of its affiliates (“ Lion Point ”).

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SEMTECH CORP filing history →

Source: SEC EDGAR

accession 0001193125-23-074463

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