Telenav Stockholders Approve “Go-Private” Transaction with V99
February 16 2021 - 5:30PM
Business Wire
Telenav, Inc. (NASDAQ: TNAV), today announced that its
stockholders have voted to approve the previously announced
“go-private” transaction with V99 Inc., a Delaware corporation led
by HP Jin, Co-Founder, President and Chief Executive Officer of
Telenav, at the Special Meeting of Stockholders held earlier
today.
“Today’s results represent an important milestone in completing
the transaction, and we appreciate the strong support we have
received from Telenav stockholders,” said Douglas Miller, Lead
Independent Director and a member of the Telenav Special Committee.
“As a private company, Telenav will have additional flexibility and
resources to continue investing in its proven car-connected
strategy, and we are confident this agreement positions Telenav for
long-term success.”
The final voting results will be filed in a Form 8-K with the
U.S. Securities and Exchange Commission.
As previously announced, under the terms of the definitive
merger agreement, V99 will acquire Telenav for $4.80 per share in
an all cash transaction. The transaction is expected to close on
February 17, 2021. Upon closing of the transaction, Telenav common
stock will no longer be listed on any public market.
About Telenav, Inc.
Telenav is a leading provider of connected car and
location-based services, focused on transforming life on the go for
people - before, during, and after every drive. Leveraging our
location platform, we enable our customers to deliver custom
connected car and mobile experiences. To learn more about how
Telenav’s location platform powers personalized navigation,
mapping, big data intelligence, social driving, and location-based
advertising, visit www.telenav.com.
“Telenav” and the “Telenav” logo are registered trademarks of
Telenav, Inc. Unless otherwise noted, all other trademarks, service
marks, and logos used in this press release are the trademarks,
service marks or logos of their respective owners.
© 2021 Telenav, Inc. All Rights Reserved.
Forward-Looking Statements
This communication contains forward-looking statements within
the meaning of the federal securities laws. These forward-looking
statements represent Telenav’s expectations or beliefs concerning
future events. Words such as “could,” “will,” “may,” “assume,”
“forecast,” “strategy,” “guidance,” “outlook,” “target,” “expect,”
“intend,” “plan,” “estimate,” “anticipate,” “believe” or “project”
and similar expressions are used to identify forward-looking
statements. Without limiting the generality of the foregoing,
forward-looking statements contained in this communication include
Telenav’s expectations regarding V99’s agreement to acquire Telenav
and the expected timing of the completion of the transaction.
Forward-looking statements can be affected by assumptions used or
known or unknown risks or uncertainties. Consequently, no
forward-looking statements can be guaranteed and actual results may
differ materially and adversely from those reflected in the
forward-looking statements. Factors that could cause actual results
to differ materially from those indicated in the forward-looking
statements include, among others, the risk that a condition to
closing of the proposed transaction may not be satisfied or that
required financing for the proposed transaction may not be
available or may be delayed. Any forward-looking statement made by
Telenav in this communication is based only on information
currently available to Telenav and speaks only as of the date on
which it is made. Except as required by applicable law or
regulation, Telenav does not assume any obligation to update any
such forward-looking statements whether as the result of new
developments or otherwise.
TNAV-F TNAV-C
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version on businesswire.com: https://www.businesswire.com/news/home/20210216006202/en/
Bishop IR Mike Bishop 415-894-9633 IR@telenav.com
OR
Joele Frank, Wilkinson Brimmer Katcher Eric Brielmann / Rose
Temple 212-355-4449
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