WTT Wireless Telecom

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT Pursuant

to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 2, 2023

 

Wireless Telecom Group, Inc.

(Exact name of Registrant as specified in its charter)

 

New Jersey		001-11916		22-2582295
(State of		(Commission		(IRS Employer
Incorporation)		File Number)		Identification No.)

 

25 Eastmans Road, Parsippany, New Jersey		07054
(Address of principal executive offices)		(Zip Code)

 

(973) 386-9696

(Registrant’s telephone number, including area code)

 

 

(Former name or address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol		Name of exchange on which registered
Common Stock		WTT		NYSE American

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 5.07

Submission of Matters to a Vote of Security Holders.

 

On August 2, 2023, Wireless Telecom Group, Inc. (“WTT” or the “Company”) held a special meeting of shareholders to consider certain proposals related to the Agreement and Plan of Merger, dated as of May 24, 2023, as amended (the “Merger Agreement”) with Maury Microwave, Inc., a Delaware corporation (“Maury”), and Troy Merger Sub, Inc., a New Jersey corporation wholly-owned by Maury (“Merger Sub”). Pursuant to the Merger Agreement, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into WTT (the “Merger”), with WTT continuing as the surviving corporation and a wholly-owned subsidiary of Maury. A quorum was present at the special meeting.

 

The following matters were voted on:

 

Proposal 1 – A proposal to approve the Merger Agreement.

 

Proposal 2 – A proposal to approve, on a non-binding advisory basis, specified compensation that may be paid or become payable to WTT’s named executive officers in connection with the Merger and contemplated by the Merger Agreement.

 

Proposal 3 – A proposal to approve one or more adjournments of the special meeting of shareholders, if necessary or appropriate, to solicit additional proxies if there were insufficient votes at the time of the special meeting to constitute a quorum or to approve the proposal to approve the Merger Agreement.

 

The shareholders voted to approve each of Proposal 1, Proposal 2 and Proposal 3, and the final voting results for each proposal were as follows:

 

Proposal 1:

 

For		Against		Abstain		Broker Non-Vote
12,252,999		912,827		5,822		0

 

Proposal 2:

 

For		Against		Abstain		Broker Non-Vote
10,614,277		1,456,559		1,100,812		0

 

Proposal 3:

 

For		Against		Abstain		Broker Non-Vote
12,624,302		398,734		148,612		0

 

Item 8.01

Other Events

 

On August 2, 2023, WTT issued a press release announcing approval of the Merger Agreement by WTT’s shareholders. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

 

Item 9.01

Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.		Description of Exhibit
99.1		Press Release of Wireless Telecom Group, Inc., dated as of August 2, 2023.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: August 2, 2023	WIRELESS TELECOM GROUP, INC.
	By:	/s/ Michael Kandell
	Name:	Michael Kandell
	Title:	Chief Financial Officer

 

 

Exhibit 99.1

 

Wireless Telecom Group Shareholders Approve Acquisition by Maury Microwave

 

Parsippany, New Jersey, USA – August 2, 2023 – Wireless Telecom Group, Inc. (the “Company” or “WTT”), a leading test & measurement solutions provider, today announced that its shareholders voted to approve the previously announced merger agreement, pursuant to which, among other things, WTT will be acquired by Maury Microwave Inc. (“Maury”), a leading provider of state-of-the-art radio frequency measurement and interconnect solutions for wireless communication technologies.

 

The merger is expected to close on August 4, 2023, subject to customary closing conditions. Under the terms of the merger agreement, Maury will acquire all the outstanding shares of the Company for cash consideration of $2.13 per share, and WTT’s shares will no longer be listed on any public exchange. Payment of the merger consideration will be made as promptly as practical following receipt of written confirmation of administrative approval by the State of New Jersey, which is expected in approximately seven business days.

 

WTT will file the final vote results for the special meeting, as certified by the independent Inspector of Election, on a Form 8-K with the U.S. Securities and Exchange Commission.

 

Forward-Looking Statements

 

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, such forward-looking statements may be identified by terms such as believe, expect, seek, may, will, intend, anticipate or similar words. Forward-looking statements include, without limitation, (1) risks related to the consummation of the transaction; (2) the effects that the announcement or pendency of the merger may have on WTT and its business, including the risks that as a result (a) WTT’s business or operating results may suffer, (b) WTT’s current plans and operations may be disrupted, (c) WTT’s ability to retain or recruit key employees may be adversely affected, or (d) WTT’s business relationships (including, customers and suppliers) may be adversely affected; (3) the effect of limitations that the merger agreement places on WTT’s ability to operate its business, return capital to stockholders or engage in alternative transactions; (5) the nature, cost and outcome of pending and future litigation and other legal proceedings, including any such proceedings related to the merger and instituted against WTT and others; (6) the risk that the transaction and related transactions may involve unexpected costs, liabilities or delays; (7) other economic, business, competitive, legal, regulatory, and/or tax factors; and (8) other factors described under the heading “Risk Factors” in Part I, Item 1A of WTT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as updated or supplemented by subsequent reports that WTT has filed or files with the SEC. Investors are cautioned that such forward-looking statements are not guarantees of future performance. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, as except as required by law.

 

 

About Wireless Telecom Group, Inc.

 

Wireless Telecom Group, Inc., comprised of Boonton, Holzworth, and Noisecom, is a global designer and manufacturer of advanced radio frequency and microwave components, modules, systems, and instruments. Serving the wireless, telecommunication, satellite, military, aerospace, and semiconductor industries, Wireless Telecom Group products enable innovation across a wide range of traditional and emerging wireless technologies. With a unique set of high-performance products including peak power meters, signal generators, phase noise analyzers, signal processing modules, noise sources, and programmable noise generators, Wireless Telecom Group enables the development, testing, and deployment of wireless technologies around the globe. Wireless Telecom Group is headquartered in Parsippany, New Jersey, in the New York City metropolitan area, and maintains a global network of Sales and Service offices for excellent product service and support. Wireless Telecom Group’s website address is http://www.wirelesstelecomgroup.com.

 

Contacts

 

Michael Kandell

25 Eastmans Road

Parsippany, NJ 07054

Tel: (973) 386-9696

Fax: (973) 386-9191

www.wirelesstelecomgroup.com

 

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Cover	Aug. 02, 2023
Cover [Abstract]
Document Type	8-K
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Document Period End Date	Aug. 02, 2023
Entity File Number	001-11916
Entity Registrant Name	Wireless Telecom Group, Inc.
Entity Central Index Key	0000878828
Entity Tax Identification Number	22-2582295
Entity Incorporation, State or Country Code	NJ
Entity Address, Address Line One	25 Eastmans Road
Entity Address, City or Town	Parsippany
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07054
City Area Code	(973)
Local Phone Number	386-9696
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	WTT
Security Exchange Name	NYSEAMER
Entity Emerging Growth Company	false

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