Identiv Announces Stockholder Approval of Vitaprotech Transaction

Identiv, Inc. announced that its stockholders approved the asset sale transaction with Vitaprotech, a security solutions provider, at the company’s Annual Meeting held on June 28, 2024.

The company sought stockholder approval of the asset sale. Approximately 96% of shares voted were voted ‘FOR’ the asset sale proposal. Approximately 72% of the company’s outstanding shares voted on the proposal, reflecting high interest in and support of the company’s strategic direction, as proposed and recommended by the company’s Board of Directors.

“On behalf of the Board of Directors, we would like to thank our stockholders for their support of the asset sale transaction,” said James Ousley, chairman of the board. “Having achieved this important milestone, we look forward to closing the transaction, which provides capital to support the future growth of our IoT business.  This includes the accelerated transition of RFID production from Singapore to our facility in Thailand and targeted technology, sales, and business development initiatives to establish leadership in key RFID-enabled IoT applications. We believe the strong vote in favor of the transaction validates the strategic actions taken by the Board to develop and expand the Company’s IoT solutions business.”

The transaction remains on track to close in the third quarter of 2024, as previously disclosed. Upon closing the transaction, Identiv will receive a cash payment of $145 million, subject to customary adjustments pursuant to the terms of the stock and asset purchase agreement between the parties.