On April 28, 2017, Nesscap Energy Inc. (TSXV: NCE) announced that it had completed its previously announced transaction with Maxwell Technologies, Inc. whereby Maxwell acquired substantially all of the assets of Nesscap pursuant to an arrangement under the Business Corporations Act (Ontario) (the “OBCA”). The arrangement was approved by the Nesscap shareholders on April 24, 2017 in accordance with the requirements of the OBCA and was subsequently approved by the Ontario Superior Court of Justice on April 27, 2017.
In exchange for substantially all of its assets, Nesscap received from Maxwell an aggregate of 4,146,538 shares of Maxwell common stock and the assumption of certain liabilities pursuant to the terms of the previously announced arrangement agreement dated February 28, 2017 between Maxwell and Nesscap. The shares have a value of $35,251,278 (US$25,874,397) based on a per share price of US$6.24, being the last closing price of Maxwell’s shares trading on NASDAQ.
Since its inception in 1999, Nesscap Energy Inc. has become an award winning global leader in technology innovation and product development of ultracapacitors.
Nesscap was represented by Miller Thomson with a team led by Pierre Soulard and including Alexander Lalka, Gary Volman and Deven Rath (M&A); John Chapman and Nafisah Chowdhury (litigation); and Gerald Courage and Andrew Etcovitch (tax).