June 9, 2017 / 11:16 AM / a year ago

BRIEF-Redknee announces standby purchase agreement in furtherance of its strategic plan

June 9 (Reuters) - Redknee Solutions Inc-

* Redknee announces standby purchase agreement in furtherance of its strategic plan

* Says is also announcing certain leadership changes in connection with restructuring

* Redknee Solutions - has entered into a standby purchase agreement with wave systems and esw in connection with launching of an about us$54 million rights offering

* Redknee Solutions Inc - net proceeds of rights offering will be used to fund a restructuring of business in furtherance of previously announced strategic plan

* Says plans to reduce headcount worldwide by approximately 500 employees

* Redknee Solutions - expects that majority of net proceeds from rights offering will be used to fund associated employee severance payments

* Says david charron, chief financial officer, will be departing from redknee

* Redknee Solutions - in consideration solely for standby commitment, will issue to wave a subordinate voting share purchase warrant

* Says David Charron will remain in his role as cfo until rights offering is closed

* Says Anin Basu will assume role of CFO on an interim basis

* Says following charron’s departure, board will undertake a formal search process for a permanent cfo Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below