Dynex Power Announces Privatization Transaction

Dynex Power Inc. (TSXV: DNX), a leading, high power semiconductor company whose operations are in the United Kingdom, announced today that it has signed a definitive Arrangement Agreement with Zhuzhou CRRC Times Electric Co., Ltd., whereby CRRC Times Electric, or one of its affiliates, will acquire all the Company’s common shares that it does not already own for $0.65 per share in cash. CRRC Times Electric currently holds approximately 75% of the issued and outstanding common shares in the capital of the Company.

LaBarge Weinstein acted as counsel to Dynex Power with a team that included Debbie Weinstein, Dan Scott, and Kyle Lavender.

As per the press release: Debbie Weinstein, long standing corporate counsel and corporate secretary said, “Privatization is the logical conclusion of the great support and leadership that CRRC Times Electric has provided Dynex. The Company has great potential under the full ownership by CRRC Times Electric. However, I embrace this good news with some sadness, as I will no longer have the opportunity to work with Dynex and with CRRC Times Electric.” Read more about the Privatization Transaction here.

On March 14, Dynex announces that the Ontario Superior Court of Justice (Commercial List) has issued a final order approving the previously announced Plan of Arrangement. Read more about the court approval here.