American Software to eliminate Class B stock, convert each share to 1.2 Class A shares

LOGILITY SUPPLY CHAIN SOLUTIONS, INC

Each Class B share converts to 1.2 Class A shares, eliminating dual-class structure; subject to shareholder approval.
Class B holder James Edenfield (37.1% voting power) irrevocably agrees to vote in favor at 2024 annual meeting.
Post-closing: Class B holder subject to 10-month transfer restriction on converted shares.
Board unanimously recommends approval; transaction expected to close in second half of 2024.
Class B holder waives right to nominate Class B directors until closing or termination of agreement.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LOGILITY SUPPLY CHAIN SOLUTIONS, INC entered into Reclassification Agreement with James C. Edenfield (effective 2024-04-10).

Action: entry
Counterparty: James C. Edenfield
Effective: 2024-04-10

Exact text from the filing

the Company entered into a Reclassification Agreement, dated April 10, 2024 (the “Reclassification Agreement”), with James C. Edenfield

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Source: SEC EDGAR

accession 0001628280-24-015723

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