Item 1.02 Termination of a Material Definitive Agreement.
In connection with the closing of the Merger, on the Closing Date, RigNet
terminated all outstanding commitments under that certain Third Amended and
Restated Credit Agreement, dated as of November 6, 2017, among RigNet, as
borrower, certain of RigNet's subsidiaries party thereto as guarantors, Bank of
America, N.A., as administrative agent, swingline lender and L/C issuer, BBVA
Compass, as syndication agent, the lenders party thereto and Merrill Lynch,
Pierce, Fenner & Smith Incorporated as sole lead arranger and sole bookrunner
(as amended, the "Credit Agreement"). In connection with the termination of the
Credit Agreement, on the Closing Date, all outstanding obligations under the
Credit Agreement were paid off in full, and all liens securing such obligations
and guarantees of such obligations were released.
Item 2.01 Completion of Acquisition or Disposition of Assets.
As discussed in the Introductory Note, at the Effective Time, RigNet completed
the Merger. Pursuant to the terms of the Merger Agreement, at the Effective
Time, each share of RigNet common stock, par value $0.001 per share ("RigNet
common stock") issued and outstanding immediately prior to the Effective Time
was converted into the right to receive 0.1845 (the "Exchange Ratio") fully paid
and non-assessable shares of Viasat common stock, par value $0.0001 per share
("Viasat common stock") plus the right to receive cash in lieu of any fractional
shares of Viasat common stock (such cash in lieu of fractional shares, together
with the Viasat common stock issuable in connection with the Merger, the "Merger
Consideration").
Additionally, at the Effective Time, Viasat (i) assumed each outstanding and
unexercised RigNet option ("RigNet Option") held by an individual who following
the Effective Time is an employee of Viasat within the meaning of Form S-8, with
such RigNet Options henceforth representing the right to purchase a number of
shares of Viasat common stock on the same terms and conditions (including
applicable vesting, exercise and expiration provisions) as applied to such
RigNet Option immediately prior to the Effective Time (with the number of
options and exercise price being adjusted based on the Exchange Ratio); and
(ii) assumed each outstanding award of RigNet restricted stock units ("RigNet
RSUs") (other than as set forth in the next sentence) that is held by an
individual who following the Effective Time is an employee of Viasat within the
meaning of Form S-8 and that vests solely on the basis of continued employment
or service (as opposed to performance vesting), with such RigNet RSUs henceforth
representing a restricted stock unit award with respect to shares of Viasat
common stock and otherwise remaining subject to the same vesting, settlement and
other terms and conditions that applied to the underlying RigNet RSU immediately
prior to the Effective Time, based on the Exchange Ratio. Certain RigNet RSUs
accelerated in full and were settled in shares of RigNet common stock as of
immediately prior to the Effective Time, which shares of RigNet common stock
converted into shares of Viasat common stock at the Effective Time, as described
above.
The issuance of shares of Viasat common stock to the former stockholders of
RigNet was registered under the Securities Act of 1933, as amended, pursuant to
a registration statement on Form S-4 (File No. 333-252618), as amended, filed by
Viasat with the Securities and Exchange Commission (the "SEC") and declared
effective on March 18, 2021 (the "Registration Statement"). The proxy
statement/prospectus included in the Registration Statement contains additional
information about the Merger, the Merger Agreement and the transactions
contemplated thereby.
The information set forth under the Introductory Note of this Current Report on
Form 8-K is incorporated by reference into this Item 2.01.
The foregoing description of the Merger and the Merger Agreement does not
purport to be complete and is qualified in its entirety by reference to the full
text of the Merger Agreement, which was filed with the SEC as Exhibit 2.1 to
RigNet's Current Report on Form 8-K filed on December 21, 2020, and is
incorporated herein by reference.
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
Prior to the Effective Time, shares of RigNet common stock were listed and
traded on The Nasdaq Global Select Market ("Nasdaq") under the trading symbol
"RNET." In connection with the completion of the Merger, RigNet notified Nasdaq
that each outstanding share of RigNet common stock was converted into the right
to receive the Merger Consideration. At RigNet's request, Nasdaq will file a
notification of the removal from listing on Form 25 with the SEC with respect to
the delisting of RigNet common stock and the deregistration of RigNet common
stock under Section 12(b) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act").
In addition, RigNet intends to file with the SEC a Form 15 requesting that the
reporting obligations of RigNet under Sections 13(a) and 15(d) of the Exchange
Act be suspended.
The information set forth under the Introductory Note and Item 2.01 of this
Current Report on Form 8-K is incorporated by reference into this Item 3.01.
Item 3.03 Material Modification to Rights of Security Holders.
The information set forth under the Introductory Note and Items 2.01 and 3.01 of
this Current Report on Form 8-K is incorporated by reference into this Item
3.03.
Item 5.01 Changes in Control of Registrant.
The information set forth under the Introductory Note and Items 2.01, 3.03 and
5.02 of this Current Report on Form 8-K is incorporated by reference in this
Item 5.01.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Effective as of the Effective Time, in connection with the consummation of the
Merger and in accordance with the Merger Agreement, each member of RigNet's
board of directors resigned from and ceased serving on RigNet's board of
directors and any committees thereof. No director resigned as a result of any
disagreement with RigNet on any matter relating to RigNet's operations, policies
or practices. The members of RigNet's board of directors immediately prior to
the Effective Time were James H. Browning, Gail Smith, Steven E. Pickett, Kevin
J. O'Hara, Mattia Caprioli, Ditlef de Vibe, Kevin Mulloy, Keith Olsen and Brent
K. Whittington.
In connection with the consummation of the Merger, Robert Blair and Shawn Duffy
became directors of RigNet, effective as of the Effective Time.
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal
Year.
Pursuant to the Merger Agreement, at the Effective Time, (i) the certificate of
incorporation of RigNet as the surviving corporation, as in effect immediately
prior to the Effective Time, was amended and restated in its entirety as set
forth in the form of certificate of incorporation of the surviving corporation
set forth in the Merger Agreement and (ii) the bylaws of RigNet as the surviving
corporation were amended and restated in their entirety to read as set forth in
the bylaws of Acquisition Sub as in effect immediately prior to the Effective
Time, except that the name of the surviving corporation set forth therein was
changed to the name of RigNet, Inc.
The Amended and Restated Certificate of Incorporation of RigNet, Inc. is filed
as Exhibit 3.1 hereto and incorporated by reference into this Item 5.03. The
Amended and Restated Bylaws of RigNet, Inc. are filed as Exhibit 3.2 hereto and
incorporated by reference into this Item 5.03.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Number Description
2.1 Agreement and Plan of Merger, dated as of December 20, 2020, by and
among Viasat, Inc., Royal Acquisition Sub, Inc. and RigNet, Inc.
(incorporated herein by reference to Exhibit 2.1 to RigNet's Current
Report on Form 8-K filed on December 21, 2020.)†
3.1 Amended and Restated Certificate of Incorporation of RigNet, Inc.
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3.2 Amended and Restated Bylaws of RigNet, Inc.
104 Cover Page Interactive Data File (embedded within the inline XBRL Document).
† Schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The
registrant hereby undertakes to furnish supplementally copies of any of the
omitted schedules upon request by the SEC.
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