Soitec gets Oceane holder approval of partial assets contribution

By Sarah Lizee

Olympia, Wash., March 19 – Soitec received approval from holders of its €149,999,906.46 Oceane convertible bonds due June 28, 2023 (ISIN: FR0013345949) at a general meeting at 4 a.m. ET on March 19 in Paris of a partial assets contribution to the benefit of its wholly owned subsidiary, Soitec Newco 1, to be renamed Soitec Lab after the transaction.

Holders of 458,365 out of a total of 1,435,818, or 31.92%, of the convertibles voted. Therefore, the quorum, which was more than one-fourth of the total number of the convertibles outstanding, was reached.

The resolution was adopted by 429,615 votes against 28,750.

As previously reported, the company said the partial asset contribution is part of an internal reorganization of Soitec group aimed at regrouping within Soitec NewCo the entire partner labs research and development activity carried out at the LETI site.

The Oceanes are not included in what will be transferred from Soitec to Soitec NewCo, the company noted.

Soitec is a Bernin, France-based designer and manufacturer of semiconductor materials.

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