EMCORE Corporation Enters Merger Agreement with Velocity One Holdings

EMCORE Corporation (NASDAQ: EMKR) announced today that it has signed an Agreement and Plan of Merger with Velocity One Holdings, LP, Aerosphere Power Inc., and Velocity Merger Sub, Inc. This agreement entails a merger where Merger Sub will merge with and into EMCORE, with EMCORE surviving as an indirect wholly owned subsidiary of Velocity One. The $3.10 per share cash transaction has been approved by EMCORE’s board of directors.

The board unanimously determined the merger to be advisable, fair, and in the best interests of the company and its shareholders. Despite an unsolicited proposal from Mobix Labs, Inc. to acquire all outstanding shares at a higher price, EMCORE chose the merger due to the price and deal certainty it provides.

As per the merger agreement, at the effective time of the merger, each issued and outstanding share of EMCORE’s common stock will be converted into the right to receive $3.10 per share in cash. The completion of the merger is subject to customary closing conditions, and it is expected to close during the quarter ending March 31, 2025.

Following the merger’s effective time, EMCORE’s common stock will be delisted from the Nasdaq Stock Market LLC under the Securities Exchange Act of 1934. The detailed terms and conditions of the merger agreement, including termination clauses and fees, have been outlined in the agreement.

To further explore the details of the merger agreement, interested parties are encouraged to refer to the full text of the agreement filed as Exhibit 2.1 to the Current Report on Form 8-K submitted by EMCORE Corporation.

Additionally, on November 8, 2024, a joint press release was issued by EMCORE and Velocity One Holdings, LP, announcing the merger agreement. Further information regarding the Proposed Transaction, including relevant SEC filings, is forthcoming.

For additional information, including legal proceedings, financial disclosures, and other relevant materials, interested parties are advised to refer to the SEC filings which will be made available on the SEC website or EMCORE’s website. Further details will be provided in the Proxy Statement to be filed by the Company. Interested investors and security holders are advised to review these documents carefully before making any voting or investment decisions.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read EMCORE’s 8K filing here.

EMCORE Company Profile

EMCORE Corporation, together with its subsidiaries, designs and manufactures fiber optic gyro, ring laser gyro, and micro electromechanical system-based inertial sensors and systems in the United States and internationally. It offers navigation system and inertial sensing products, such as gyroscopes and multi-axis sensors, inertial measurement units, fiber optic gyroscopes, quartz micro electromechanical systems, inertial navigation systems, tactical navigation, and naval and amphibious navigation, as well as radar positioning and pointing systems, and battlefield/artillery survey systems.