All but one of the closing conditions of the merger have now been satisfied or waived by the parties. The lone remaining closing condition concerns a pending Paycheck Protection Program Loan Forgiveness Application submitted by one of Spectrum’s subsidiaries.
Closing the merger after Small Business Administration (SBA) forgiveness prevents a change of control event under SBA rules that would jeopardize the forgiveness and impact the Company’s P&L for 2021. The company submitted its forgiveness application in accordance with Paycheck Protection Program rules and expects forgiveness in the very near future.
“As we near the next phase of our journey, the Board of Directors has asked that Mark Porter lead Spectrum Global Solutions as its new CEO, as we work towards achieving a listing on a national exchange,” said Roger Ponder, Chairman of SGSI. “We are confident in Mark and his outstanding team as they work towards Spectrum’s continued success.”
“I am very excited about the merger with Spectrum and have accepted the appointment as CEO in advance of the Closing in order to accelerate the pace of integration and get everyone focused on the same vision, to make this a world class organization,” said Porter.