KVH Industries Board Adopts Limited Duration Rights Plan - Quick Facts

(RTTNews) - KVH Industries, Inc. (KVHI) said its Board has adopted a limited duration stockholder rights plan. Pursuant to the plan, KVH declared a dividend distribution of one preferred stock purchase right for each outstanding share of the common stock to stockholders of record as of the close of business on August 29, 2022. Also, one right will automatically attach to each share of common stock issued between the record date and the earlier of the distribution date and the expiration date of the rights.

The rights will be exercisable only if any person or a group acquires 15% or more of the company's outstanding common stock. The rights plan will automatically expire at the close of business on the first day after the 2023 annual meeting of Stockholders, unless approved by the shareholders.

The company said the rights plan will give the Board sufficient time to carefully evaluate the best use of the proceeds from company's recently announced sale of its inertial navigation business and examine all options for maximizing shareholder value.