As previously disclosed, on October 20, 2020, PNM Resources,
Inc., a New Mexico corporation (“PNMR”), Avangrid, Inc.
(“Avangrid”), a New York corporation, and NM Green Holdings, Inc.,
a New Mexico corporation and wholly-owned subsidiary of Avangrid
(“Merger Sub”), entered into an Agreement and Plan of Merger (the
“Merger Agreement”) pursuant to which Merger Sub will merge with
and into PNMR (the “Merger”), with PNMR surviving the Merger as a
direct wholly-owned subsidiary of Avangrid.
As required by the Merger Agreement, effective November 2,
2020, PNMR entered into the Second Amendment (the “Second
Amendment”) to Third Amended and Restated PNM Resources, Inc.
Direct Plan (the “Direct Plan”), which among other matters,
terminated the right to purchase shares of PNMR common stock under
the Direct Plan with respect to any cash dividends and optional
cash investments that are not received by noon Eastern Time on
November 17, 2020. No purchases of shares of PNMR common stock
under the Direct Plan will occur after November 18, 2020.
The foregoing description of certain provisions of the Second
Amendment does not purport to be complete and is subject to, and
qualified in its entirety by, the full text of the Second
Amendment, which is filed as Exhibit 99.1, and is incorporated
herein by reference.
Financial Statements and Exhibits.