Inseego Corp. (Nasdaq: INSG) to begin trading
on the NASDAQ November 9, 2016
Novatel Wireless, Inc. (Nasdaq:MIFI), a leading global provider
of solutions for the Internet of Things (IoT), including
software-as-a-service (SaaS), today announced that it plans to
reorganize its business by creating a new holding company structure
in connection with an agreement to sell the Company’s mobile
broadband MiFi® business to T.C.L. Industries
Holdings (H.K.) Limited (“TCL”). The new holding company will
be Inseego Corp., a Delaware corporation. The directors, executive
officers, and business operations of the Company and its
subsidiaries will not change.
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Inseego Corp. will replace Novatel Wireless, Inc. as the
publicly held corporation, effective November 9, 2016. The shares
of Inseego Corp. will trade on the NASDAQ Global Select Market
under the ticker symbol “INSG” at the beginning of trading on
November 9, 2016.
As a result of this event, the stockholders of Novatel Wireless,
Inc. will become stockholders of the new holding company, Inseego
Corp., on a one-for-one basis, automatically holding the same
number of shares and same ownership percentage in Inseego Corp. as
they held in Novatel Wireless, Inc. immediately prior to
implementation.
“Our business achievements and consistently improving financial
performance over the last twelve months have driven us to the
threshold of completing our corporate transformation into a
pure-play IoT services company,” said Sue Swenson, future Chair and
Chief Executive Officer of Inseego Corp. “This holding company
structure will allow us to support, nurture and augment our
combined companies as we continue to focus on growing and improving
our IoT, SaaS and services business.”
For more information on the new holding company, visit
http://www.inseego.com/ and read the Company’s Form
8-K, which will be filed on or about November 9, 2016 with the
Securities Exchange Commission.
About Inseego Corp.
Inseego Corp. (currently Nasdaq: MIFI and Nasdaq: INSG on
November 9, 2016) is a leading global provider of
software-as-a-service (SaaS) and solutions for the Internet of
Things (IoT). The Company sells its telematics solutions under the
Ctrack brand, including its fleet management, asset tracking and
monitoring, stolen vehicle recovery, and usage-based insurance
platforms. Inseego Corp. also sells business connectivity solutions
and device management services through Novatel Wireless, Inc. and
Feeney Wireless (FW). Inseego Corp. has over 30 years of experience
providing customers with secure and insightful solutions and
analytics, with approximately 590,000 global subscribers,
including 182,000 fleet management subscribers. The Company is
headquartered in San Diego, California. www.inseego.com Twitter @inseego
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements relate to a variety of matters, including, without
limitation, statements related to the Company’s plans to reorganize
its business by creating a new holding company structure, including
the timing thereof, the benefits expected to be realized from the
new structure, the Company’s growth potential as a pure-play IoT
services company following the planned reorganization and other
statements that are not purely statements of historical fact. These
forward-looking statements are made on the basis of the current
beliefs, expectations and assumptions of the management
of Novatel Wireless, Inc. and are subject to significant risks
and uncertainty. Investors are cautioned not to place undue
reliance on any such forward-looking statements. All such
forward-looking statements speak only as of the date they are made,
and Novatel Wireless, Inc. undertakes no obligation to update
or revise these statements, whether as a result of new information,
future events or otherwise. These forward-looking statements also
involve many risks and uncertainties that may cause actual results
to differ materially from what may be expressed or implied in these
forward-looking statements. These factors include risks relating to
technological changes, new product introductions, continued
acceptance of Novatel Wireless, Inc.’s products and dependence on
intellectual property rights, changes in foreign currency exchange
rates, and extended sales cycles. For a further discussion of risks
and uncertainties that could cause actual results to differ from
those expressed in these forward-looking statements, as well as
risks relating to the business of Novatel Wireless, Inc. in
general, see the risk disclosures in the Annual Report on
Form 10-K of Novatel Wireless, Inc. for the year ended
December 31, 2015, and in other subsequent filings made with
the SEC by Novatel Wireless, Inc. (available at www.sec.gov).
Additional Information and Where to Find It
Following the planned reorganization, the stockholders of
Inseego Corp. (“Inseego”) will be asked to approve the sale of the
Company’s mobile broadband business to TCL. In order to solicit
this approval, Inseego will file documents with the SEC, including
a definitive proxy statement relating to the proposed sale. The
definitive proxy statement will also be mailed to Inseego’s
stockholders in connection with the proposed sale. Investors and
security holders are urged to read these documents when they become
available because they will contain important information about
Inseego, the mobile broadband business and the proposed sale.
Investors and security holders may obtain free copies of these
documents and other related documents when they are filed with the
SEC at the SEC's web site at www.sec.gov or by directing a request
to Inseego, c/o Novatel Wireless, Inc. 9645 Scranton Road, Suite
205, San Diego, California 92121, Attention: Stockholder
Services.
Inseego and its directors and executive officers may be deemed
participants in the solicitation of proxies from the stockholders
of Inseego in connection with the proposed sale. Information
regarding the interests of these directors and executive officers
in the proposed transaction will be included in the definitive
proxy statement when it is filed with the SEC. Additional
information regarding the directors and executive officers of
Inseego is also included in Novatel Wireless, Inc.’s Annual Report
on Form 10-K for the year ended December 31, 2015, which was filed
with the SEC on March 15, 2016 and the definitive proxy statement
relating to Novatel Wireless, Inc.’s 2016 Annual Meeting of
Stockholders, which was filed with the SEC on April 29, 2016. These
documents are available free of charge at the SEC's web site at
www.sec.gov and from Stockholder Services at Novatel Wireless,
Inc., as described above.
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version on businesswire.com: http://www.businesswire.com/news/home/20161103006587/en/
Novatel Wireless, Inc.Media Relations
Contact:Anette Gaven, 858-431-3709agaven@nvtl.comorInvestor
Relations Contact:Michael Sklansky,
858-431-0792msklansky@nvtl.com
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