Additional Representations and Warranties of the Company. The Company represents and warrants to Parent and Merger Sub as follows (each of which representations and warranties shall be deemed, for all purposes of and under the Merger Agreement, to form a part of Section 4.3 of the Merger Agreement): The Company has the requisite corporate power and authority to execute and deliver this Amendment and, subject to obtaining the affirmative vote for approval of the principal terms of the Merger and adoption of the Agreement (as amended by this Amendment) and the transactions contemplated by the Agreement (as amended by this Amendment), by the Company Shareholder Approval on the record date for the Company Shareholders Meeting to consider the Company Voting Proposal, to perform its obligations and consummate the transactions contemplated by the Agreement (as amended by this Amendment). The Strategic Committee has determined that the transactions contemplated by the Agreement (as amended by this Amendment) are advisable and fair to and in the best interests of the Company and its shareholders and has recommended that the full Company Board approve this Amendment and the transactions contemplated by the Agreement (as amended by this Amendment). The execution, delivery and performance by the Company of this Amendment and the consummation by the Company of the transactions contemplated by the Agreement (as amended by this Amendment) have been duly authorized by the Company Board (acting upon the unanimous recommendation of the Strategic Committee), and no other corporate action on the part of the Company is necessary to authorize the execution and delivery by the Company of this Amendment, except for the Company Shareholder Approval of the Company Voting Proposal. This Amendment has been duly executed and delivered by the Company and is a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except that such enforcement may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws, now or hereafter in effect, affecting creditors’ rights and remedies generally.
Appears in 2 contracts
Sources: Agreement and Plan of Merger (Silicon Storage Technology Inc), Agreement and Plan of Merger (Microchip Technology Inc)
Additional Representations and Warranties of the Company. The Company represents and warrants to Parent and Merger Sub as follows follows:
(each a) The following representations and warranties shall be deemed, for all purposes of and under the Merger Agreement, to form a part of Section 4.2 of the Merger Agreement: There are issued and outstanding 96,221,857 shares of Common Stock as of the date of this Amendment No. 2. The issuance, sale and delivery of the Issued Shares in accordance with this Amendment No. 2 have been duly authorized by all necessary corporate action on the part of the Company. The Issued Shares have been duly authorized, validly issued, fully paid and nonassessable, free and clear of any Liens with the holder being entitled to all rights accorded to a holder of Common Stock under the CCC and the certificate of incorporation and bylaws of the Company. No person has any preemptive right or right of first refusal which would be triggered by reason of the issuance of the Issued Shares.
(b) The following representations and warranties shall be deemed, for all purposes of and under the Merger Agreement, to form a part of Section 4.3 of the Merger Agreement): : The Company has the requisite corporate power and authority to execute and deliver this Amendment No. 2, to perform its obligations and consummate the transactions contemplated by the Merger Agreement (as amended by this Amendment No. 2) other than the Merger and, subject to obtaining the affirmative vote for approval of the principal terms of the Merger and adoption of the Merger Agreement (as amended by this AmendmentAmendment No. 2) and the transactions contemplated by the Merger Agreement (as amended by this AmendmentAmendment No. 2), by the Company Shareholder Approval on the record date for the Company Shareholders Meeting to consider the Company Voting Proposal, to perform its obligations and consummate the transactions contemplated by the Agreement (as amended by this Amendment)Merger. The Strategic Committee has determined that the transactions contemplated by the Merger Agreement (as amended by this AmendmentAmendment No. 2) are advisable and fair to and in the best interests of the Company and its shareholders and has recommended that the full Company Board approve this Amendment No. 2 and the transactions contemplated by the Merger Agreement (as amended by this AmendmentAmendment No. 2). Each of the Strategic Committee and the Company Board has determined in good faith, (x) after consultation with its outside counsel and financial advisor, that the Cerberus Proposal no longer constitutes, and could not reasonably be likely to result in, a Superior Proposal, and (y) after consultation with its outside counsel, that failure to take any of the actions described in Sections 6.4(b) or 8.1(c)(ii) of the Merger Agreement would not reasonably be expected to result in a breach of its fiduciary duties to the Company shareholders under applicable Law. The execution, delivery and performance by the Company of this Amendment No. 2 and the consummation by the Company of the transactions contemplated by the Merger Agreement (as amended by this AmendmentAmendment No. 2) have been duly authorized by the Company Board (acting upon the unanimous recommendation of the Strategic Committee), and no other corporate action on the part of the Company is necessary to authorize the execution and delivery by the Company of this AmendmentAmendment No. 2, except (solely with respect to the Merger) for the Company Shareholder Approval of the Company Voting Proposal. This Amendment No. 2 has been duly executed and delivered by the Company and is a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except that such enforcement may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws, now or hereafter in effect, affecting creditors’ rights and remedies generally.
(c) The following representations and warranties shall be deemed, for all purposes of and under the Merger Agreement, to form a part of Section 4.4 of the Merger Agreement: The execution and delivery of this Amendment No. 2 by the Company does not, and the performance by the Company of this Amendment No. 2 and the consummation by the Company of the transactions contemplated hereby will not, (i) violate any provision of the Organizational Documents of the Company, (ii) result in a violation or breach of, or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, cancellation or acceleration) under, any of the material terms, conditions or provisions of any Material Contract to which the Company or any of its Subsidiaries is a party or by which any of them or any of their properties or assets is bound, (iii) violate any Law applicable to the Company, any of its Subsidiaries or any of their properties or assets that could result in a material Liability to the Company or its Subsidiaries, taken as a whole, or (iv) other than in connection with or compliance with the Securities Act, require the Company or any of its Subsidiaries, as applicable, to make any filing or registration with or notification to, or require the Company or any of its Subsidiaries, as applicable to obtain any authorization, consent or approval of, any Governmental Entity.
(d) The following representations and warranties shall be deemed, for all purposes of and under the Merger Agreement, to form a part of Section 4.18 of the Merger Agreement: Since September 30, 2009, there has not been any condition, event or occurrence which has had or would be reasonably expected to have a Company Material Adverse Effect.
Appears in 2 contracts
Sources: Agreement and Plan of Merger (Silicon Storage Technology Inc), Agreement and Plan of Merger (Microchip Technology Inc)
Additional Representations and Warranties of the Company. The Company hereby represents and warrants to Parent and Merger Sub as follows follows:
(each of which representations and warranties shall be deemed, for all purposes of and under the Merger Agreement, to form a part of Section 4.3 of the Merger Agreement): a) The Company has the all requisite corporate power and authority to execute and deliver enter into this Amendment and, subject to obtaining the affirmative vote for approval of the principal terms of the Merger and adoption of the Agreement (as amended by this Amendment) and the transactions contemplated by the Agreement (as amended by this Amendment), by the Company Shareholder Approval on the record date for the Company Shareholders Meeting to consider the Company Voting Proposal, to perform its obligations and consummate the transactions contemplated by the Agreement (as amended by this Amendment)hereunder. The Strategic Committee has determined that the transactions contemplated by the Agreement (as amended by this Amendment) are advisable and fair to and in the best interests of the Company and its shareholders and has recommended that the full Company Board approve this Amendment and the transactions contemplated by the Agreement (as amended by this Amendment). The execution, delivery and performance by the Company of this Amendment and the consummation by the Company of the transactions contemplated by the Agreement (as amended by this Amendment) have been duly authorized by the Company Board (acting upon the unanimous recommendation of the Strategic Committee), and no other corporate action on the part of the Company is necessary to authorize the execution and delivery by the Company of this Amendment, except for the Company Shareholder Approval Amendment and its performance of its obligations hereunder have been duly authorized by all necessary corporate action of the Company Voting ProposalCompany. This Amendment has been duly and validly executed and delivered by the Company and is a and, assuming this Amendment constitutes the valid and binding obligation agreement of Parent and Merger Sub, constitutes the valid and binding agreement of the Company Company, enforceable against the Company in accordance with its terms, except subject to the Bankruptcy and Equity Exception.
(b) The Board of Directors of the Company at a duly held meeting in a unanimous vote of those directors present (which directors constituted a quorum) has (i) determined that it is in the best interests of the Company and its stockholders, and declared it advisable, to enter into this Amendment, (ii) approved (x) the execution, delivery and performance of this Amendment and the consummation of the transactions contemplated by the Merger Agreement, as amended by this Amendment, and (y) the acquisition of beneficial ownership of Shares that may be deemed to occur by virtue of the Equity Commitment Letters (pursuant to the terms thereof as of the date hereof) and/or the Specified Guarantor Agreement, including for purposes of the Takeover Statutes, and (iii) resolved to recommend that the stockholders of the Company approve the adoption of the Merger Agreement, as amended by this Amendment, and directed that such enforcement may matter be subject submitted for a vote of the stockholders of the Company at the Company Meeting, (iv) assuming that the representations of Parent and Merger Sub set forth in Section 4.13 of the Merger Agreement and the representations of Parent and Merger Sub with respect to Section 4.13 of the Merger Agreement set forth in Section 3.2(d) of this Amendment are correct, taken all necessary actions so that the restrictions in Takeover Statutes are not applicable bankruptcyto the Company, insolvencyParent, reorganizationMerger Sub or their Affiliates or the Guarantors (including ▇▇▇▇▇▇▇) or their Subsidiaries, moratorium or other similar Lawsthe Merger Agreement (as amended by this Amendment) or the transactions contemplated thereby (including the Merger), now and (v) exempted Parent, Merger Sub, the Guarantors (including ▇▇▇▇▇▇▇) or hereafter any of their Affiliates or Associates (each as defined in effectthe Rights Plan) from being an “Acquiring Person” under the Rights Plan as a result of entry into the Merger Agreement, affecting creditors’ rights this Amendment, the Equity Commitment Letters, the Limited Guarantees, the ▇▇▇▇▇▇▇ Equity Commitment Letter, the ▇▇▇▇▇▇▇ Limited Guarantee and remedies generallythe Specified Guarantor Agreement, and the consummation of any of the transactions contemplated by the Merger Agreement (as amended by this Amendment), the Equity Commitment Letters, the Limited Guarantees, the ▇▇▇▇▇▇▇ Equity Commitment Letter, the ▇▇▇▇▇▇▇ Limited Guarantee and the Specified Guarantor Agreement, on the terms set forth herein and therein.
Appears in 1 contract
Additional Representations and Warranties of the Company. 9.1 The Company represents and warrants to Parent the Underwriters, and Merger Sub as follows (each of which acknowledges that the Underwriters are relying upon such representations and warranties shall be deemedin purchasing the Securities, for all purposes of that:
9.1.1 the Company is a corporation existing and in good standing under the Merger AgreementCBCA and is properly registered or licensed to carry on business under the laws of all jurisdictions in which its business is carried on, except where the failure to form be so registered or licensed would not have a part of Section 4.3 Material Adverse Effect;
9.1.2 each of the Merger Agreement): The Material Subsidiaries is a corporation, company or other entity existing under the laws of its jurisdiction of incorporation and is properly registered or licensed to carry on business under the laws of all jurisdictions in which its business is carried on, except where the failure to be so registered or licensed would not have a Material Adverse Effect;
9.1.3 the Company has the requisite corporate power power, authority and authority capacity to execute and deliver this Amendment and, subject to obtaining the affirmative vote for approval of the principal terms of the Merger Main Agreements and adoption of the Agreement (as amended by this Amendment) and the transactions contemplated by the Agreement (as amended by this Amendment), by the Company Shareholder Approval on the record date for the Company Shareholders Meeting to consider the Company Voting Proposal, to perform its obligations thereunder, and consummate to execute and file with the transactions contemplated by Canadian Securities Regulators the Agreement (as amended by this Prospectus and any Prospectus Amendment). The Strategic Committee has determined that the transactions contemplated by the Agreement (as amended by this Amendment) are advisable , and fair to and in the best interests each of the Company and its shareholders Material Subsidiaries has the requisite corporate power, authority and has recommended that capacity to own, lease and operate its property and assets and to carry on its business as described in the full Prospectus;
9.1.4 the authorized share capital of the Company Board approve this Amendment consists of an unlimited number of Common Shares, and an unlimited number of preferred shares, issuable in series, of which 34,431,255 Common Shares and no preferred shares will be issued and outstanding immediately prior to Closing (assuming no issuance of Common Shares on or after the transactions contemplated by date hereof pursuant to options or other convertible securities of the Agreement (as amended by this AmendmentCompany outstanding on the date hereof). The executionNo person, delivery and performance by firm or company has any agreement or option, or right or privilege (whether pre-emptive or contractual) capable of becoming an agreement or option, for the purchase from the Company or any of this Amendment and the consummation by its Material Subsidiaries of any unissued shares of the Company or any of its Material Subsidiaries or any right to convert any obligation into or exchange any shares of the transactions contemplated by Company or any of its Material Subsidiaries, or for the Agreement purchase or acquisition of any shares, material assets or material property of the Company or any of its Material Subsidiaries, except as otherwise referred to in the Prospectus;
9.1.5 the Company beneficially owns, directly or indirectly, 100% of the issued and outstanding shares or other equity interests of each of the Material Subsidiaries (as amended by this Amendment) free and clear of all Liens other than Liens granted in connection with the Credit Facilities). All of the issued and outstanding shares of, or other equity interests in, the Material Subsidiaries have been duly and validly authorized by and issued, are fully paid and non-assessable, have not been issued in violation of any applicable Laws or any pre-emptive or similar rights;
9.1.6 in connection with the Offering and the Concurrent Private Placement, the Company Board (acting upon the unanimous recommendation will have complied as of the Strategic Committee)Closing with all requirements applicable to it, and obtained all consents and waivers required to be obtained by it, on or prior to Closing under the Investor Rights Agreement;
9.1.7 no other corporate action on the part subsidiary of the Company other than the Material Subsidiaries listed under the heading “Corporate Structure” of the IPO Prospectus (which heading is necessary incorporated by reference in the Offering Documents) is required to authorize be disclosed in the Offering Documents pursuant to applicable Canadian Securities Laws;
9.1.8 there are no business relationships, related-party transactions or off-balance sheet transactions involving the Company or any of its subsidiaries or any other person required to be described in the Offering Documents which have not been described therein as required under IFRS or applicable Canadian Securities Laws;
9.1.9 all material accruals for unpaid vacation pay, premiums for unemployment insurance, health premiums, pension plan premiums, accrued wages, salaries and commissions and Employee Plans payments of the Company and its subsidiaries have been recorded in conformity, in all material respects, with IFRS and comply in all material respects as to form with the applicable accounting requirements of Canadian Securities Laws, and are reflected on the books and records of the Company and its subsidiaries in all material respects, as applicable;
9.1.10 the Main Agreements and the performance of the Company’s obligations thereunder, the execution and delivery by filing with the Company of this Amendment, except for the Company Shareholder Approval Canadian Securities Regulators of the Company Voting Proposal. This Amendment has Prospectus and any Prospectus Amendments and the issuance and sale of the Firm Subscription Receipts or, if applicable, Additional Subscription Receipts, have been or will at the Closing Time or at the Option Closing Time, as the case may be, be duly authorized by all necessary corporate action, and the Main Agreements have been or will at the Closing Time be duly executed and delivered by the Company and is constitutes or will constitute a legal, valid and binding obligation of the Company Company, enforceable against the Company in accordance with its their terms, ; except that such as enforcement thereof may be subject to applicable limited by bankruptcy, insolvency, reorganization, moratorium or other similar Lawslaws affecting the rights of creditors generally and by the application of equitable principles when equitable remedies are sought and subject to the fact that rights of indemnity and contribution may be limited by applicable Law;
9.1.11 except for the Investor Rights Agreement or as disclosed in the Prospectus, now or hereafter in effectthere are no shareholders’ agreements, affecting creditorsvoting agreements, investors’ rights agreements or other agreements in force or effect to which the Company or any of its Material Subsidiaries is a party and remedies generally.which in any manner affects or will affect the voting or control of any of the securities of the Company or any of its Material Subsidiaries, the nomination of directors to the board of the Company or any of its Material Subsidiaries or the operations or affairs of the Company or any of its Material Subsidiaries;
9.1.12 the form of the certificates representing the Common Shares has been, and the form of the certificate representing the Securities, if any, will have been as of the Closing Time duly approved and adopted by the Company and comply or will comply, as the case may be, in all material respects with the requirements of the CBCA and the TSX and do not or will not, as the case may be, conflict with the Company’s by-laws and constating documents;
9.1.13 the rights, privileges, restrictions, conditions and other terms attaching to the Securities, the Common Shares and the preferred shares of the Company conform in all material respects to the respective descriptions thereof contained in the Prospectus;
9.1.14 since January 1, 2022, and except as otherwise disclosed in the Prospectus,
(i) there has been no Material Adverse Change, (ii) there have been no transactions entered into by the Company or any of its subsidiaries, other than those in the ordinary course of business, which are material with respect to the Company and its subsidiaries taken as a whole, and (iii) there has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its shares;
(i) the Audited Financial Statements have been prepared in accordance with IFRS applied on a consistent basis throughout the periods involved and present fairly in all material respects the consolidated financial position of the Company as at March 27, 2021 and March 28, 2020, the consolidated loss, comprehensive loss and cash flows of the Company for the 52-week periods ended March 27, 2021 and March 28, 2020 and the consolidated changes in equity of the Company for the 52-week periods ended March 27, 2021 and March 28, 2020; and (ii) the Interim Financial Statements have been prepared in accordance with IAS 34 Interim Financial Reporting applied on a consistent basis throughout the periods involved and present fairly in all material respects the consolidated financial position of the Company as at January 1, 2022 and January 2, 2021 and the consolidated profit or loss of the Company for the 16- and 40-week periods ended January 1, 2022 and January 2, 2021 and the consolidated changes in equity and cash flows of the Company for the 16- and 40-week periods ended January 1, 2022 and January 2, 2021;
9.1.16 except, in the case of the Company, for the Credit Facilities or as described in the Offering Documents (including the Financial Statements), neither the Company nor any of its subsidiaries has outstanding any debentures, notes, mortgages, or other indebtedness that is material to the Company and its subsidiaries taken as a whole;
9.1.17 none of the Company or any of its subsidiaries has, or on the Closing Date will have, incurred any liabilities or obligations (whether accrued, absolute, contingent or otherwise) that continue to be outstanding, except: (i) as disclosed or contemplated in the Offering Documents, including the Financial Statements contained therein, and (ii) as incurred in the ordinary course of business by the Company or any of its subsidiaries, and which do not have a Material Adverse Effect;
9.1.18 except as disclosed in the Offering Documents, including the Financial Statements contained therein, or which would not, individually or in the aggregate, result in a Material Adverse Effect, since January 1, 2022, (i) there has not been any change in the share capital, long-term debt, financial condition or operations of the Company and its subsidiaries taken as a whole other than changes in the ordinary course of business, (ii) the business of the Company and its subsidiaries taken as a whole has been carried on in the ordinary course,
Appears in 1 contract
Sources: Underwriting Agreement