Active Power Stockholders Vote to Approve Disposition Under Asset Purchase Agreement with Langley Holdings PLC
ACTIVE POWER (ACPW)
Company Research
Source: Marketwire
AUSTIN, TX -- (Marketwired) -- 11/16/16 -- Active Power, Inc., (NASDAQ: ACPW), a manufacturer of flywheel energy storage products and modular infrastructure solutions, today announced the company received stockholder approval of the disposition under the asset purchase agreement ("APA") with Langley Holdings PLC ("Langley") at a special meeting of stockholders held today, Nov. 16, 2016. Under the terms of the APA, Langley will acquire substantially all assets and operations of Active Power, including the Active Power name, through its Piller USA, Inc. subsidiary, for a nominal purchase price, plus the assumption of all debt, liabilities and customer, employee and purchase commitments going forward. The APA was announced Sept. 30, 2016. Closing is expected to occur before end of November 2016. "Securing stockholder approval on the APA with Langley was a critical step toward completing the disposition," said Mark A. Ascolese, president and CEO, at Active Power. "We belie
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