Top investor agrees to withdraw Daktronics lawsuit
Under the agreement, Daktronics said it will appoint Peter Feigin, an Alta Fox-recommended candidate to the Daktronics Board of Directors. Alta Fox is Daktronics' largest shareholder.
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Daktronics, based in Brookings, makes video scoreboards, LED displays and similar. It has worked with multiple college teams and professional sports teams.
Alta Fox has wanted a change in the Daktronics board for at least a year.
The Daktronics news release said Feigin, the president of the Milwaukee Bucks, will join the Daktronics' board's transformation committee.
Alta Fox will also have input on the new chief financial officer at Daktronics.
In return, Alta Fox will withdraw all litigation with prejudice and support Daktronics' plan to reincorporate in Delaware.
Alta Fox said in its lawsuit that Daktronics only wanted to move jurisdiction in Delaware because it has weaker shareholder rights than South Dakota.
Daktronics confirmed that it will host an Investor Day in 2025 to provide shareholders with 'greater insight into the company's strategy, financial targets and outlook, and capital allocation framework,' the news release said.
A copy of the Cooperation Agreement will be included as an exhibit to the Company's Current Report on Form 8-K, which will be filed with the U.S. Securities and Exchange Commission (the 'SEC').
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