Extraordinary General Meeting of iQ International AG on 20 December 2018 approves all proposals p2
Zug, Switzerland, 20 December 2018 – iQ Power Licensing AG (ISIN: CH028536338, WKN: A14M1C/Symbol iQL), a developer and marketer of technologies and licenses for environmentally friendly and technologically leading starter batteries for motor vehicles, announces the approval of the merger with iQ International AG at the extraordinary general meeting of the company on 20 December 2018 in Zug. Large majority of the votes cast granted the approval. The minutes of the General Meeting will be published in due course on the company’s website.
At the extraordinary general meeting of the shareholders of the acquiring company, iQ International AG, on 20 December 2018, the shareholders also approved the merger and therefore authorised the merger in accordance with the merger agreement of 19 November 2018.
In accordance with the merger, the shareholders of iQ Power Licensing AG will receive 1 new share in iQ International AG for every 26 shares that they hold. If any shareholders of iQ Power Licensing AG are entitled to a fraction of a new share in iQ International AG due to the exchange ratio, they will receive 1 new share for this fraction. The shares, which are necessary in connection with the reverse stock split so that the new iQ International AG shares can be fully allocated without fractions, will be made available without consideration to the respective shareholders from the stock of new iQ International AG shares held by Beechtree Associates, LLC, the majority shareholder of the company. The shareholders of iQ Power Licensing AG are entitled to future dividends, if any, with respect to the new shares in iQ International AG, which they receive in connection with the merger, from the date of their entry in the share register of iQ International AG.
The respective resolutions of the General Meetings of iQ Power Licensing AG and iQ International AG have been filed for entry in the commercial register. Because of the merger, iQ Power Licensing AG will be dissolved and deleted from the commercial register of the Canton of Zug. The merger is expected to take effect on 21 December 2018 upon the entry of the merger in the commercial register.