PowerFleet Inc (PWFL) has provided an update.
Powerfleet, Inc. has successfully completed its acquisition of MiX Telematics on April 2, 2024, resulting in MiX Telematics becoming a wholly owned subsidiary. This strategic move involved an exchange of shares and the deal was facilitated through a scheme of arrangement under South African law. In the process, the company also redeemed its Series A convertible preferred stock, funded by loan facilities. The transaction led to the delisting of MiX Telematics shares from the Johannesburg and New York stock exchanges, with Powerfleet shares continuing to trade on the Nasdaq and now also listed on the JSE. Additionally, board changes accompanied the acquisition, with new appointments and committee assignments reflecting the company’s refreshed leadership structure.
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