Tesla closes acquisition of Maxwell Technologies

Tesla, Inc. has announced the successful completion of its previously announced offer to exchange all outstanding shares of common stock of Maxwell Technologies, Inc for 0.0193 of a share of Tesla common stock, together with cash in lieu of any fractional shares of Tesla common stock, without interest and less any applicable withholding taxes. Tesla started the acquisition process in February to improve the performance of battery cells it uses in electric cars. 

The exchange offer expired on May 15, 2019. As of the expiration of the exchange offer, a total of approximately 36,764,342 shares of common stock of Maxwell were validly tendered in the exchange offer and not validly withdrawn, representing approximately 79% of the aggregate voting power of the shares of Maxwell common stock outstanding immediately after the consummation of the exchange offer. All shares of Maxwell common stock that were validly tendered and not validly withdrawn prior to the expiration of the offer have been accepted by Tesla for payment in accordance with the terms of the exchange offer.

Following to the completion of the exchange offer, Tesla completed the acquisition of Maxwell by consummating the second step merger contemplated by the previously announced merger agreement between Tesla and Maxwell. As a result of this merger, all shares of Maxwell stock that were not tendered in Tesla’s exchange offer were canceled in exchange for the right to receive the same consideration paid for Maxwell stock in the exchange offer.

Maxwell Technologies, Inc. is a leading battery manufacturer specializing in the storage and supply of energy.