GREENWICH, CT and EAST HANOVER, NJ – SilverSun Technologies, Inc. (NASDAQ:SSNT), a technology company, has received approval from its shareholders for a significant equity investment from Jacobs Private Equity II, LLC (JPE) and certain minority co-investors. The investment, totaling $1 billion, was supported by approximately 99.5% of the votes cast at a special meeting, reflecting the consent of about 65.7% of all outstanding shares as of February 12, 2024.
This transaction is subject to standard closing conditions and is expected to be finalized within the year. The exact terms of the investment and the final voting results will be disclosed in a forthcoming Form 8-K filing with the U.S. Securities and Exchange Commission.
JPE, led by Brad Jacobs, has chosen Goldman Sachs and Morgan Stanley as financial advisors, with Wachtell, Lipton, Rosen & Katz providing legal counsel. On the other hand, SilverSun has engaged The Benchmark Company, LLC for financial advice and Lucosky Brookman LLP for legal matters.
The press release contained forward-looking statements, cautioning that actual results could differ due to various factors such as unexpected costs or delays associated with the equity investment and related transactions. It also highlighted risks related to the company's public float, potential competing proposals, and the impact of future financing on the company's stock price and business.
The investment agreement includes a plan to separate SilverSun's existing business into a new entity, SilverSun Technologies Holdings, Inc., and other related transactions. The company's future is tied to the continued leadership of Jacobs as chairman and CEO, with the press release emphasizing the importance of his role and the potential adverse effects of his departure.
The release also mentioned the inherent uncertainties in the building products distribution industry, which Jacobs plans to target for acquisitions post-investment. These uncertainties include economic conditions, trade barriers, and the cyclical and seasonal nature of the industry.
This news is based on a press release statement and does not include any speculative or opinion-based content.
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