Trio Merger Corp announced today that its stockholders approved merger between itself and privately held SAExploration Holdings, Inc. A special meeting of the company's stockholders was held today to approve said merger. By June 24, 2013 the merger is expected to be completed.
A total of 98.3% of the stockholders voted in favor of approving the planned merger. Shareholders with 987,634 shares exercised their eligibility to vote their conversion rights. They also redeemed their shares priced around US$10.08 cash per share piece. Redemptions will be funded by an independent trustee where Trio held approximately US$61.68 million in a trust account. The other US$51.72 million will be released upon the consummation of the merger.
Aside from approving merger, the company also amended Trio's certificate of incorporation. This included changing the company's name to SAExploration Holdings Inc. Other agenda included 2013 long-term incentive plan. Stockholders also elected eight directors for the company.
Join the Conversation