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White Electronic Designs chairman allowed to increase interest to 35%
By Lisa Kerner
Charlotte, N.C., Nov. 17 - White Electronic Designs Corp. entered into a second amendment of its Feb. 4, 2009 settlement agreement with Wynnefield Partners Small Cap Value, LP, Kahn Capital Management LLC and their affiliates, according to a form 8-K filed with the Securities and Exchange Commission.
The second amendment allows White Electronic chairman Brian Kahn to acquire up to 35% of the company's outstanding shares.
As previously reported, the agreement was first amended to allow Kahn to acquire up to 19.99% of White Electronic's common stock.
Under the original agreement, Kahn could acquire 9.9% of White Electronic.
As part of the agreement with White Electronic, Kahn's entities agreed to vote for the company's nominees at the 2009 annual meeting.
Phoenix-based White Electronic manufactures microelectronic and display components and systems.
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