SAN MATEO, Calif., June 27, 2016 /PRNewswire/ -- SolarCity
Corp. (NASDAQ: SCTY), America's #1 solar power provider, today
announced that SolarCity's Board of Directors has formed a special
committee of independent directors to evaluate the June 20, 2016, proposal from Tesla Motors, Inc.
(NASDAQ: TSLA) (the "Proposal") to acquire all of the outstanding
shares of SolarCity common stock.
The Board has granted the special committee the exclusive
authority to evaluate SolarCity's long-term business plan and
stand-alone opportunities for value creation against a broad range
of strategic alternatives.
The special committee is composed of Donald R. Kendall, Jr. and Nancy E. Pfund. Mr. Kendall will serve as chair
of the special committee. The special committee has retained
Skadden, Arps, Slate, Meagher & Flom LLP as its legal counsel
and Lazard as its financial advisor to assist in its review.
SolarCity does not intend to comment on or disclose further
developments regarding the special committee's evaluation unless
and until it deems further disclosure is appropriate or
required.
About SolarCity
SolarCity (NASDAQ: SCTY) provides
clean energy. The company has disrupted the century-old energy
industry by providing solar power to homeowners, businesses and
government organizations for less than they spend on utility bills.
SolarCity gives customers control of their energy costs to protect
them from rising rates. The company makes solar energy easy by
taking care of everything from design and permitting to monitoring
and maintenance. Visit the company online
at www.solarcity.com and follow the company
on Facebook & Twitter.
This release contains forward-looking statements including,
but not limited to, statements regarding strategic
alternatives. Forward-looking statements should not be read
as a guarantee of future performance or results, and will not
necessarily be accurate indications of the times at, or by, which
such performance or results will be achieved, if at all.
Forward-looking statements are subject to risks and uncertainties
that could cause actual performance or results to differ materially
from those expressed in or suggested by the forward looking
statements. You should read the section entitled "Risk Factors"
in SolarCity's quarterly report on Form 10-Q, which has
been filed with the Securities and Exchange
Commission and identifies certain of these and additional
risks and uncertainties. SolarCity does not undertake
any obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future
developments or otherwise.
Media Contacts
Jonathan Bass
650-963-5156
press@solarcity.com
Joele Frank, Wilkinson Brimmer
Katcher
Joele Frank
(212) 355-4449
or
Eric Brielmann / Jed Repko
(415) 869-3950
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SOURCE SolarCity Corp.