Saban Capital Acquisition Corp. (NASDAQ:SCAC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
(b) On March 16, 2017, Bruce Rosenblum resigned from his position as a director of the board of directors (the “Board”) of Saban Capital Acquisition Corp. (the “Company”) effective as of the close of business on March 16, 2017. Mr. Rosenblum’s resignation was a result of his employer requesting that he limit his outside board service, and was not the result of any disagreement with the Company on any matter relating to the registrant’s operations, policies or practices. The Company expressed its appreciation for Mr. Rosenblum’s service to the Company and the Board, on which he has served as a director since its initial public offering. Mr. Rosenblum also served on the Board’s Audit Committee and as chairman of the Board’s Compensation Committee. In connection with Mr. Rosenblum’s resignation, the Company repurchased 25,110 of the Company’s Class F ordinary shares, $0.0001 par value per share (“Founder Shares”), from him at a purchase price of $92.40. Following such repurchase, Mr. Rosenblum will continue to hold 7,500 Founder Shares.
(d) On March 16, 2017, the members of the Board appointed Casey Wasserman as a director and as a member of the Board’s Audit Committee and to serve as chairman of the Board’s Compensation Committee. Mr. Wasserman is the Chairman and Chief Executive Officer of Wasserman Media Group, LLC, a leading sports, entertainment and life>
In connection with his appointment to the Board, Mr. Wasserman, purchased 25,110 Founder Shares from the Company at an aggregate purchase price of $92.40 and purchased an additional 7,500 Founder shares from the Company’s sponsor, Saban Sponsor LLC at an aggregate purchase price of $27.60. Mr. Wasserman also entered into an indemnity agreement with the Company and a Letter Agreement with the Company, the forms of which were previously filed as exhibits to the Company’s Registration Statement on Form S-1 (File No. 333- 213259) related to its initial public offering. to the letter agreement Mr. Wasserman has agreed: (i) to waive his redemption rights with respect to his Founder Shares and other ordinary shares of the Company, if applicable, in connection with the completion of the Company’s initial business combination; and (ii) to waive his rights to liquidating distributions from the trust account with respect to the Founder Shares if the Company fails to complete its initial business combination within 24 months from the closing of its initial public offering (although Mr. Wasserman will be entitled to liquidating distributions from the trust account with respect to any non-Founder Shares of the Company he holds if the Company fails to complete its initial business combination within the prescribed time frame). If the Company submits its initial business combination to its shareholders for a vote, Mr. Wasserman has agreed to vote the Founder Shares and any other ordinary shares purchased by him in favor of the Company’s initial business combination.
Saban Capital Acquisition Corp. (NASDAQ:SCAC) Recent Trading Information
Saban Capital Acquisition Corp. (NASDAQ:SCAC) closed its last trading session 00.00 at 10.00 with 1,450 shares trading hands.