ORBCOMM Inc. (Nasdaq: ORBC), the company known as a global provider of Internet of Things (IoT) solutions, announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Act”) in connection with the terms of the previously announced acquisition of ORBCOMM by GI Partners, a leading U.S.-based investor in data infrastructure businesses, expired at 11:59 p.m. ET on June 14, 2021.
The expiration of the HSR Act waiting period satisfies one of the conditions to the closing of the proposed acquisition, which remains subject to other customary closing conditions, including approval by ORBCOMM stockholders and the receipt of required regulatory approvals. Upon completion of the proposed acquisition, ORBCOMM will become a privately-held company, and its common stock will no longer be listed on the Nasdaq Stock Market.
Additional information concerning the proposed acquisition and the special meeting of ORBCOMM stockholders has been included in the definitive proxy statement that was distributed to all ORBCOMM stockholders.