Item 7.01. Regulation FD Disclosure.
Joint Press Release
On November 1, 2022,
Benefitfocus, Inc. (the Company) and Voya Financial, Inc. (Parent) issued a joint press release announcing their entry into an Agreement and Plan of Merger (the Merger Agreement) by and among
the Company, Parent, and Origami Squirrel Acquisition Corp, a wholly owned subsidiary of Parent (Merger Sub). Pursuant to the Merger Agreement, Merger Sub will be merged with and into the Company (the Merger),
with the Company continuing as the surviving corporation in the Merger.
A copy of the press release is attached hereto as Exhibit 99.1 and incorporated
herein by reference.
The information in this Item 7.01, including Exhibit 99.1, shall not be deemed filed for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any registration statement or other filing under the
Securities Act of 1933, as amended, or the Exchange Act, except in the event that the Company expressly states that such information is to be considered filed under the Exchange Act or incorporates it by specific reference in such filing.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this communication may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements are often identified by the use of words such as, but not limited to, anticipate, believe, can,
continue, could, estimate, expect, intend, may, might, will, plan, project, seek, should,
target, would, and similar expressions or variations intended to identify forward-looking statements. These statements are based on the beliefs and assumptions of our management based on information currently
available to management.
Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause
actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include the following:
(i) conditions to the completion of the proposed acquisition, including stockholder approval of the proposed acquisition, may not be satisfied or the regulatory approval required for the proposed acquisition may not be obtained on the terms
expected or on the anticipated schedule; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement between the parties to the proposed acquisition; (iii) the effect of
the announcement or pendency of the proposed acquisition on the Companys customers, suppliers, business relationships, operating results and business generally; (iv) the risk that the proposed acquisition disrupts the Companys
current plans and operations and the potential difficulties in the Companys employee retention as a result of the proposed acquisition; (v) the risk related to diverting managements attention from our ongoing business operations;
(vi) potential litigation that may be instituted against the Company or its directors or officers related to the proposed acquisition or the merger agreement between the parties to the proposed acquisition; (vii) the amount of the costs,
fees, expenses and other charges related to the proposed acquisition; (viii) the risk that the proposed acquisition will not be consummated in a timely manner; (ix) macroeconomic and industry trends and adverse developments in the debt,
consumer credit and financial services markets; natural disasters and adverse weather, acts of terrorism, an outbreak of hostilities or other international or domestic calamities, including the recent war in Ukraine and any escalation thereof, cyber
terrorism or cyber attacks, epidemics and pandemics, and other matters beyond the Companys control; and (x) such other factors as are set forth in the Companys periodic public filings with the SEC, including but not limited to those
described under the headings Risk Factors and Forward Looking Statements in its Form 10-K for the fiscal year ended December 31, 2021 and in its other filings made with the SEC
from time to time, which are available via the SECs website at www.sec.gov.
The Companys forward-looking statements speak only as of the date
of this communication or as of the date they are made. The Company disclaims any intent or obligation to update any forward looking statement made in this communication to reflect changed assumptions, the occurrence of unanticipated
events or changes to future operating results over time.