Stockholders of MIFI become stockholders of the new holding company, INSG
SAN DIEGO--(BUSINESS WIRE)--
Inseego Corp. (successor issuer to Novatel Wireless, Inc.)
(Nasdaq:INSG), a leading global provider of solutions for the Internet
of Things (IoT), including software-as-a-service (SaaS), today announced
that 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.
The former stockholders of Novatel Wireless, Inc. (Nasdaq:MIFI), will
become stockholders of the new holding company, Inseego Corp., on a
one-for-one basis, automatically holding the same number of shares in
Inseego Corp. as they held in Novatel Wireless, Inc. immediately prior
to the reorganization.
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. (Nasdaq: INSG) 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,
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 creation of a new holding company structure 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 Inseego Corp. 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 Inseego Corp. 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 Inseego Corp.'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 Inseego Corp. 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. and Inseego Corp.
(available at www.sec.gov).
Additional Information and Where to Find It
Following the planned reorganization, the stockholders of Inseego Corp.
will be asked to approve the sale of the Company's mobile broadband
business to TCL. In order to solicit this approval, Inseego Corp. 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 Corp.'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 Corp., 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 Corp., 9645 Scranton Road, Suite
205, San Diego, California 92121, Attention: Stockholder Services.
Inseego Corp. and its directors and executive officers may be deemed
participants in the solicitation of proxies from the stockholders of
Inseego Corp. 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 Corp. 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 Inseego Corp., as described above.
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Source: Inseego Corp.
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