Form 8-K - Current report
November 13 2023 - 8:17AM
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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):
November 13, 2023
ECHOSTAR CORPORATION
(Exact name of registrant as specified in its charter)
Nevada |
001-33807 |
26-1232727 |
(State or other jurisdiction of
incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
|
|
100 INVERNESS TERRACE E., |
ENGLEWOOD, |
COLORADO |
80112 |
(Address of principal executive offices) |
(Zip Code) |
(303) 706-4000
(Registrant’s telephone number, including
area code)
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:
x 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))
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which
registered |
Class A common stock, $0.001 par value |
SATS |
The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange
Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 8.01. Other Events.
As previously disclosed, on October 2,
2023, EchoStar Corporation, a Nevada corporation (“EchoStar” or the “Company”), entered into an Amended and
Restated Agreement and Plan of Merger with DISH Network Corporation, a Nevada corporation (“DISH”), and EAV Corp., a
Nevada corporation and a wholly owned subsidiary of EchoStar (“Merger Sub”), providing for the merger of Merger Sub with
and into DISH (the “Merger”), with DISH surviving the Merger as a wholly owned subsidiary of EchoStar. Effective as of
November 13, 2023, DISH has appointed Hamid Akhavan, the current Chief Executive Officer and President of EchoStar, to the
additional post of President and Chief Executive Officer of DISH (“DISH CEO”). In connection with such appointment,
EchoStar and DISH have agreed that, from November 13, 2023 until the completion or termination of the Merger, EchoStar will pay
the full amount of Mr. Akhavan’s current compensation and, upon completion or termination of the Merger, DISH will
reimburse EchoStar for a portion of the cost of Mr. Akhavan’s compensation, in proportion to the percentage of
time allocated to Mr. Akhavan’s service as DISH CEO during such period (as determined in good faith by EchoStar and DISH,
in consultation with Mr. Akhavan). This arrangement has been approved by the Special Committee and Board of Directors
of EchoStar.
Forward-Looking Statements
This document contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties,
and assumptions as to future events that may not prove to be accurate. These statements are neither promises nor guarantees but are subject
to a variety of risks and uncertainties, many of which are beyond EchoStar’s and DISH’s control, which could cause actual
results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned
not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause actual
results to differ materially from those expressed or implied include the factors discussed under the section entitled “Risk Factors”
of EchoStar’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC, and under the
section entitled “Risk Factors” of DISH’s Annual Report on Form 10-K for the fiscal year ended December 31,
2022 and the parties’ subsequent reports, filed with the SEC. EchoStar and DISH undertake no obligation to update or supplement
any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. These
factors include, without limitation: the occurrence of any event, change or other circumstance that could give rise to the termination
of the Amended Merger Agreement between EchoStar and DISH; the effect of the announcement of the proposed transaction on the ability of
EchoStar and DISH to operate their respective businesses and retain and hire key personnel and to maintain favorable business relationships;
the timing of the proposed transaction; the ability to satisfy closing conditions to the completion of the proposed transaction; EchoStar’s
and DISH’s ability to achieve the anticipated benefits from the proposed transaction; other risks related to the completion of the
proposed transaction and actions related thereto; risk factors related to the current economic and business environment; significant transaction
costs and/or unknown liabilities; risk factors related to pandemics or other health crises; risk factors related to funding strategies,
indebtedness levels and capital structure; and risk factors related to the market price for EchoStar’s and DISH’s respective
common stock.
These risks, as well as other risks related to
the proposed transaction, are included in the registration statement on Form S-4 that includes as a prospectus a joint information
statement of the type contemplated by Rule 14c-2 of the Exchange Act, and has been filed with the SEC in connection with the proposed
transaction. While the list of factors presented here is, and the list of factors to be presented in the registration statement on Form S-4
and the joint information statement are, considered representative, no such list should be considered to be a complete statement of all
potential risks and uncertainties. For additional information about other factors that could cause actual results to differ materially
from those described in the forward-looking statements, please refer to EchoStar’s and DISH’s respective periodic reports
and other filings with the SEC, including the risk factors identified in each of EchoStar’s and DISH’s most recent Quarterly
Reports on Form 10-Q and Annual Reports on Form 10-K. The forward-looking statements included in this communication are made
only as of the date hereof. Neither EchoStar nor DISH undertakes any obligation to update any forward-looking statements to reflect subsequent
events or circumstances, except as required by law.
No Offer or Solicitation
This communication is not intended to and shall
not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or
approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by
means of a prospectus meeting the requirements of Section 10 of the Securities Act.
Additional Information about the Transaction
and Where to Find It
In connection with the proposed transaction,
EchoStar and DISH have prepared a joint information statement for their respective stockholders containing the information with respect
to the proposed transaction contemplated by Rule 14c-2 of the Exchange Act and describing the proposed transaction. EchoStar has
filed with the SEC a registration statement on Form S-4 that includes the joint information statement, which registration statement
has been declared effective by the SEC. Each of EchoStar and DISH have filed and may in the future file other relevant documents with
the SEC regarding the proposed transaction. This document is not a substitute for the registration statement, the joint information statement
or any other document that EchoStar or DISH may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION
STATEMENT, THE JOINT INFORMATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS
OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders may obtain free copies of the registration statement
and the joint information statement and other documents containing important information about EchoStar, DISH and the proposed transaction,
once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents
filed with the SEC by EchoStar will be available free of charge on its website at https://ir.echostar.com/. Copies of the documents
filed with the SEC by DISH will be available free of charge on its website at https://ir.dish.com/.
SIGNATURES
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.
|
ECHOSTAR CORPORATION |
|
|
Date: November 13, 2023 |
By: |
/s/ Dean A. Manson |
|
|
Dean A. Manson |
|
|
Chief Legal Officer and Secretary |
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