Item 2.01. Completion of Acquisition or Disposition of Assets.
At the effective time of the Merger (the "Effective Time"), (i) each issued and
outstanding share (each, a "Share") of Class A Common Stock, par value $0.01
per share ("Company Stock"), was cancelled and converted into the right to
receive $14.50 per Share in cash, without interest (the "Merger Consideration"),
(ii) each outstanding service-based restricted stock unit of the Company (each,
a "Company RSU") was canceled, and each holder of each such Company RSU received
the right to receive for each such Company RSU an amount in cash equal to the
Merger Consideration, (ii) each outstanding performance-based restricted stock
unit of the Company (each, a "Company PSU") was canceled, and the each holder
for each such Company PSU received the right to receive for each such Company
PSU an amount in cash equal to the Merger Consideration and (iii) each
outstanding restricted share of Company Stock (collectively, "Company Restricted
Stock") was canceled, and each holder of each such Company Restricted Stock
received the right to receive for each such Company Restricted Stock an amount
in cash equal to the Merger Consideration.
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
In connection with the consummation of the Merger, the Company notified
representatives of The Nasdaq Stock Market LLC (Nasdaq Capital Market)
("NASDAQ") that the Merger had been completed and requested that NASDAQ delist
the Company Stock. As a result, trading of Company Stock, which traded under
the ticker symbol "SIC" on NASDAQ, was suspended after the close of trading on
NASDAQ on October 21, 2021. In addition, the Company requested that NASDAQ file
with the SEC a Notification of Removal from Listing and/or Registration under
Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act") on Form 25 in order to effect the delisting of the shares of the Company
Stock from NASDAQ and deregistration of such shares under Section 12(b) of the
Exchange Act. The Company also intends to file with the SEC a Form 15 under the
Exchange Act requesting the deregistration of the shares of the Company Stock
under Section 12(g) of the Exchange Act and the suspension of the Company's
reporting obligations under Sections 13 and 15(d) of the Exchange Act.
Item 3.03. Material Modification of Rights of Security Holders.
The information set forth in the Introductory Note and Items 2.01, 3.01, 5.01,
5.02 and 5.03 of this Current Report on Form 8-K is incorporated by reference
into this Item 3.03.
Item 5.01. Change of Control of Registrant.
The information set forth in the Introductory Note and under Items 2.01 and 5.02
of this Current Report on Form 8-K is incorporated by reference into this Item
5.01.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangement of Certain
Officers.
Pursuant to the Merger Agreement, at the Effective Time, all of the members of
the Company's board of directors (which consisted of Donald McAleenan, Robert
Scott Vansant, S. Tracy Coster, Bryant Riley and Brett Wyard) ceased to be
directors of the Company.
Information set forth under Item 2.01 of this Current Report on Form 8-K is
incorporated by reference into this Item 5.02.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit
No. Description
Merger Agreement, dated August 8, 2021, by and among SIC, Parent and
Merger Subsidiary (incorporated by reference to Exhibit 2.1 to the
Company's Current Report on Form 8-K filed with the SEC on August 10,
2.1 2021).
99.1 Press Release of the Company, dated October 21, 2021
104 Cover page interactive data file (formatted in iXBRL and contained in
Exhibit 101).
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