PRESS RELEASE
SpaceDev, Inc. announced today that privately held Sierra Nevada Corporation (SNC) has completed the acquisition of SpaceDev by way of a merger of a wholly owned subsidiary of SNC into SpaceDev. As a result of the merger, SpaceDev is now a wholly owned subsidiary of SNC. Pursuant to the merger agreement, all shares of SpaceDev common stock outstanding at the effective time of the merger have been converted into the right to receive $0.72658 per share in cash.
The merger agreement for this transaction was considered at the SpaceDev Annual Stockholders Meeting held on December 15th. At the Annual Meeting more than 87% of the shareholders were represented in person or by proxy.
A total of 38,347,576 shares of SpaceDev common stock were voted on the merger proposal, of which 94.25%, or 28,733,232 shares, voted in favor of the merger. The holders of outstanding SpaceDev preferred stock also approved the merger.
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