Current Report Filing (8-k)
March 08 2017 - 6:34AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
March 7, 2017
STRAIGHT PATH COMMUNICATIONS INC.
(Exact name of registrant as specified in its
charter)
Delaware
|
|
1-36015
|
|
46-2457757
|
(State or other jurisdiction
of incorporation)
|
|
(Commission File Number)
|
|
(IRS Employer
Identification No.)
|
|
|
|
5300 Hickory Park Drive, Suite 218
Glen Allen, Virginia
|
|
23059
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Registrant’s telephone number, including
area code: (804) 433-1522
Not Applicable
(Former name or former address, if changed since
last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
On March 7, 2017, the Company and lead plaintiff in
Zacharia
v. Straight Path Communications Inc. et al.
, No. 2:15-cv-08051-JMV-MF (D.N.J.), entered into a binding memorandum of understanding
to settle the putative shareholder class action and dismiss the claims that were filed against the Defendants in that action. The
agreed terms provide for a
$2.25 million initial payment (the “Initial Payment”)
and a $7.2 million additional payment (the “Additional Payment”). The Initial Payment will be paid into an escrow account
within 15 days following preliminary court approval of the settlement, and will be fully covered by insurance policies maintained
by the Company. The Additional Payment will be paid within 60 days after the closing of a transaction to sell the Company’s
spectrum licenses as specified in the Consent Decree with the Federal Communications Commission dated January 11, 2017 (the “Consent
Decree”), or, in the event that the Company pays the non-transfer penalty specified in the Consent Decree, within 60 days
after that payment is paid. In any event, the Additional Payment will be payable no later than December 31, 2018.
The
settlement remains subject to entering in a definitive agreement and court approval.
2
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
STRAIGHT PATH COMMUNICATIONS INC.
|
|
|
|
By:
|
/s/ Jonathan Rand
|
|
Name:
Title:
|
Jonathan Rand
Chief Financial Officer
|
Dated: March 8, 2017
Straight Path Communications Inc. Class B (delisted) (AMEX:STRP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Straight Path Communications Inc. Class B (delisted) (AMEX:STRP)
Historical Stock Chart
From Sep 2023 to Sep 2024