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): June 9, 2014
ASTROTECH CORPORATION
(Exact name of Registrant as Specified in its Charter)
Washington
(State or other Jurisdiction of Incorporation or Organization)
| 001-34426 | 91-1273737 |
| (Commission File Number) | (IRS Employer Identification No.) |
| 401 Congress Ave. Suite 1650, | |
| Austin, Texas | 78701 |
| (Address of principal executive offices) | (Zip code) |
Registrant’s telephone number, including area code: (512) 485-9530
Not Applicable
(Former name or former address, if changed since last report)
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 (see General Instruction A.2 below):
¨ 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))
| ITEM 3.03 | Material Modification to Rights of Securities Holders |
As previously disclosed, on July 29, 2009, the Board of Directors of Astrotech Corporation (the “Company”) declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of common stock, no par value per share, of the Company. As previously disclosed, the description and terms of the rights are set forth in a Rights Agreement (the “Rights Agreement”) between the Company and American Stock Transfer & Trust Company, LLC, as Rights Agent (the “Rights Agent”). Under the terms of the Rights Agreement, the Rights were to expire on August 10, 2010 (the “Expiration Date”) unless the Expiration Date was extended or unless the Rights were earlier redeemed or exchanged by the Company. As previously disclosed, on July 29, 2010, the Company and the Rights Agent entered into Amendment One to the Rights Agreement, which extended the Expiration Date from August 10, 2010 to August 10, 2011. As previously disclosed, on August 10, 2011, the Company and the Rights Agent entered into Amendment Two to the Rights Agreement, which extended the Expiration Date from August 10, 2011 to August 10, 2012. As previously disclosed, on August 10, 2012, the Company and the Rights Agent entered into Amendment Three to the Rights Agreement, which extended the Expiration Date from August 10, 2012 to August 10, 2013. As previously disclosed, on August 6, 2013, the Company and the Rights Agent entered into Amendment Four to the Rights Agreement, which extended the Expiration Date from August 10, 2013 to August 10, 2014. On June 9, 2014, the Company and the Rights Agent entered into Amendment Five to the Rights Agreement (the “Amendment”) which extends the Expiration Date from August 10, 2014 to August 10, 2015, amends and restates the definition of “Acquiring Person” to cure an ambiguity and amends and restates Section 27 to provide that, until the Distribution Date, the Board of Directors may supplement the Rights Agreement without the approval of any holders of Rights Certificates.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, which is incorporated by reference herein as Exhibit 4.1.
| ITEM 9.01 | Financial Statements and Exhibits |
(d) Exhibits:
| Exhibit No. | Description | |
| 4.1 | Amendment Five to Rights Agreement, dated as of June 9, 2014, between Astrotech Corporation and American Stock Transfer & Trust Company, LLC, as Rights Agent. |
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.
| ASTROTECH CORPORATION | ||
| (Registrant) | ||
| Date: June 9, 2014 | ||
| By: | /s/ Thomas B. Pickens III | |
| Thomas B. Pickens III | ||
| Chairman of the Board and | ||
| Chief Executive Officer | ||
EXHIBIT INDEX
| Exhibit No. | Description | Paper (P) or Electronic (E) | ||
| 4.1 | Amendment Five to Rights Agreement, dated as of June 9, 2014, between Astrotech Corporation and American Stock Transfer & Trust Company, LLC, as Rights Agent. | E |
Exhibit 4.1
AMENDMENT FIVE
TO
RIGHTS AGREEMENT
THIS AMENDMENT FIVE TO RIGHTS AGREEMENT (this “Amendment”), dated as of June 9, 2014, is entered into by and between Astrotech Corporation, a Washington corporation (the “Company”), and American Stock Transfer & Trust Company, LLC, as rights agent (the “Rights Agent”), pursuant to Section 27 of the Rights Agreement, dated as of July 29, 2009, as amended July 29, 2010, August 10, 2011, August 10, 2012 and August 6, 2013 (the “Rights Agreement”), between the Company and the Rights Agent.
WHEREAS, Section 27 of the Rights Agreement provides that prior to the time any person becomes an Acquiring Person (as defined in the Rights Agreement) the Company may from time to time supplement and amend any provision of the Rights Agreement in any respect without the approval of the holders of the Rights (as defined in the Rights Agreement); and
WHEREAS, the Rights under the Rights Agreement are scheduled to expire at the Close of Business on August 10, 2014 (the “Expiration Date”); and
WHEREAS, the Board of Directors of the Company has determined that it is in the best interests of the Company to amend the Rights Agreement to extend the Expiration Date, to amend and restate the definition of “Acquiring Person” to cure an ambiguity and to amend and restate Section 27 to provide that, until the Distribution Date, the Board of Directors may supplement or amend the Rights Agreement without the approval of any holders of Rights Certificates and to take such further actions as may be necessary or appropriate to effectuate such amendments.
NOW THEREFORE, in consideration of the premises and mutual agreements set forth herein and in the Rights Agreement, the parties hereby agree as follows:
Section 1. Definitions. Capitalized terms used but not defined herein shall have the meaning assigned to such terms in the Rights Agreement.
Section 2. Amendments to Rights Agreement.
(a) Amendment of Section 1(a) of the Rights Agreement. Section 1(a) is hereby amended to read in its entirety as follows:
“Acquiring Person” shall mean any Person who or which, together with all Affiliates and Associates of such Person, has become the Beneficial Owner of 15% or more of the Common
Exhibit 4.1
Shares then outstanding, but shall not include (i) the Company, any Subsidiary of the Company, any employee benefit plan of the Company or of any Subsidiary of the Company, or any entity or trustee holding Common Shares for or pursuant to the terms of any such plan or for the purpose of funding any such plan or funding other employee benefits for employees of the Company or of any Subsidiary of the Company, (ii) any Grandfathered Person, unless such Grandfathered Person becomes the Beneficial Owner of a percentage of the Common Shares then outstanding equal to or exceeding such Grandfathered Person’s Grandfathered Percentage, (iii) any Person who or which becomes the Beneficial Owner of 15% (or in the case of a Grandfathered Person, the Grandfathered Percentage applicable to such Grandfathered Person) or more of the Common Shares then outstanding as the result of a reduction in the outstanding Common Shares resulting from acquisition of Common Shares by the Company approved by the Board of Directors, unless and until such Person becomes the Beneficial Owner of any additional Common Shares (other than pursuant to a stock split, stock dividend or similar transaction) and immediately thereafter becomes the Beneficial Owner of 15% (or in the case of a Grandfathered Person, the Grandfathered Percentage applicable to such Grandfathered Person) or more of the Common Shares, (iv) any Person who or which the Board of Directors of the Company determines, in good faith, acquired Beneficial Ownership of 15% or more of the Common Shares then outstanding inadvertently or without knowledge of the terms of the Rights, if such Person divests as promptly as practicable a sufficient number of Common Shares so that such Person would no longer be an Acquiring Person, or (v) any Person who or which the Board of Directors of the Company determines, prior to the time such Person would otherwise be an Acquiring Person, should be exempted from the definition of Acquiring Person, provided that the Board of Directors may make such exemption subject to such conditions, if any, which the Board may determine.
(b) Amendment of Section 1(m) of the Rights Agreement. Section 1(m) is hereby amended to read in its entirety as follows:
“Expiration Date” shall mean the Close of Business on August 10, 2015.
(c) Amendment of Section 27 of the Rights Agreement. Section 27 is hereby amended to read in its entirety as follows:
Supplements and Amendments. The Board of Directors of the Company may from time to time supplement or amend this Rights Agreement without the approval of any holders of Right Certificates in order to cure any ambiguity, to correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions herein, or to make any other provisions with respect to the Rights which the Board of Directors of the Company may deem necessary or desirable, any such supplement or amendment to be evidenced by a writing signed by the Company and the Rights Agent, provided, however, after the Distribution Date, this Rights Agreement shall not be amended in any manner which would adversely affect the
Exhibit 4.1
interests of the holders of Rights (other than an Acquiring Person).
(d) Amendment of Exhibit B to the Rights Agreement. Exhibit B to the Rights Agreement is hereby amended by replacing references to “2014” with “2015”.
(e) Amendment of Exhibit C to the Rights Agreement. Exhibit C to the Rights Agreement is hereby amended:
(i) by replacing references to “2014” with “2015”;
(ii) by amending and restating the second paragraph in its entirety as follows:
“Initially, the Rights will be attached to all Common Share certificates and no separate Rights certificates will be issued. Separate certificates evidencing the Rights (“Right Certificates”) will be mailed to holders of record of the Common Shares as of the close of business on the earlier to occur of (i) the tenth day after (a) a public announcement that a person or group of affiliated or associated persons (an “Acquiring Person”) has acquired beneficial ownership of 15% or more of the outstanding Common Shares or (b) such earlier date as a majority of the Board shall become aware of the existence of an Acquiring Person or (ii) such date as may be determined by action of the Board of Directors of the Company following the commencement of, or announcement of an intention to make, a tender offer or exchange offer the consummation of which would result in the beneficial ownership by a person or group of 15% or more of the outstanding Common Shares (the earlier of such dates being the “Distribution Date”).”; and
(iii) by amending and restating the tenth paragraph in its entirety as follows:
“The terms of the Rights may be amended by the Board of Directors of the Company without the consent of the holders of the Rights, except that from and after the Distribution Date no such amendment may adversely affect the interests of the holders of the Rights (other than the Acquiring Person).”
Section 3. Miscellaneous.
(a) The term “Agreement” as used in the Rights Agreement shall be deemed to refer to the Rights Agreement as amended hereby.
(b) This Amendment shall be effective as of the date first above written, and, except as set forth herein, the Rights Agreement shall remain in full force and effect and shall be otherwise unaffected hereby.
(c) This Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
Exhibit 4.1
(d) This Amendment shall be deemed to be a contract made under the laws of the State of Washington and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely within such State.
(e) The Rights Agent and the Company hereby waive any notice requirement under the Rights Agreement pertaining to the matters covered by this Amendment.
(f) Except to the extent specifically amended hereby, the provisions of the Rights Agreement shall remain unmodified, and the Rights Agreement as amended hereby is confirmed as being in full force and effect.
[Signature page follows]
Exhibit 4.1
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and attested, all as of the day and year first above written.
| ASTROTECH CORPORATION | ||
| By: | /s/ Thomas B. Pickens III | |
| Name: Thomas B. Pickens III | ||
| Title: Chairman of the Board and Chief Executive Officer | ||
AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Rights Agent
| By: | /s/ Michael A. Nespoli | |
| Name: Michael A. Nespoli | ||
| Title: Executive Director | ||