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Tesla & SolarCity Shareholders Set to Vote on Merger on Nov. 17
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On Wednesday, it was announced that Tesla Motors Inc. (TSLA - Free Report) and SolarCity Corp. 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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Tesla & SolarCity Shareholders Set to Vote on Merger on Nov. 17
On Wednesday, it was announced that Tesla Motors Inc. (TSLA - Free Report) and SolarCity Corp. 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."
Stocks that Aren't in the News…Yet
You are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. Many of these companies are almost unheard of by the general public and just starting to get noticed by Wall Street. They have been pinpointed by the Zacks system that nearly tripled the market from 1988 through 2015, with a stellar average gain of +26% per year. See these high-potential stocks now >>