Spar Group calls special meeting to approve merger

SPAR Group is encouraging all stockholders to vote to allow for the completion of the proposed acquisition by Highwire Capital. As previously announced, SPAR Group entered into the Agreement and Plan of Merger, dated as of August 30, 2024, by and among the company, Highwire Capital and Highwire Merger Co. I, Inc., a wholly owned subsidiary of Highwire Capital, whereby the company is to be acquired by Highwire Capital in an all cash transaction. The special meeting of the stockholders will be held virtually on Friday, October 25, 2024, at 12:00 p.m., Eastern Time. Under the terms of the Merger Agreement, which has been unanimously approved by SPAR Group’s Board of Directors, SPAR Group stockholders will receive $2.50 per share in cash, representing a 72% premium over the closing share price on the last trading day before the announcement of the Merger Agreement and a 37.8% premium over SPAR Group’s 30-day volume-weighted average share price. Upon approval by SPAR Group’s stockholders and completion of the transaction, SPAR Group will become a privately held company, and its stock will no longer be traded on NASDAQ.