On Wednesday, it was announced that Tesla Motors Inc. (TSLA - Analyst Report) and SolarCity Corp. (SCTY - Snapshot Report) shareholders are set to meet about and vote on the proposed merger between the two companies on November 17, according to new regulatory filing.
Shareholders will also be able to vote online, by phone, or by email anytime on or before November 16.
In the filing, it was noted that each SCTY share will receive 0.11 TSLA shares upon the closing of the transaction, which goes unchanged from previous SEC filings. According to the filing, Tesla shareholders who held shares as of September 23 should receive proxy materials in the mail.
The electric car maker also said it intends to share more updates with its stockholders about the strategic plan to combine Tesla and SolarCity by November 1.
Tesla first announced its plans to acquire SolarCity this past summer, and the two companies agreed to merge on July 31. But because of Elon Musk’s deep involvement in both companies—he is the CEO of the electric car maker, as well as the chairman and biggest shareholder of each—the merger has resulted in upset investors and lawsuits from multiple stockholders.
Musk has shot back, arguing that forming a fully integrated sustainable energy system has long been a part of his complete vision. In the Tesla blog post titled "Master Plan, Part Deux," he said the goal to provide solar power "has literally been on our website for 10 years."
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