TerraForm Global, Inc. (NASDAQ:GLBL) Files An 8-K Other EventsItem 8.01. Other Events.
As previously disclosed, on April 12, 2016, a verified stockholder derivative complaint on behalf of TerraForm Global, Inc. (the “Company”) captioned Aldridge v. Blackmore et al., C.A. No. 12196-CB (Del. Ch. Ct.) was filed against four directors of the Company in the Court of Chancery of the State of Delaware. The lawsuit alleges that the directors breached their fiduciary duties by authorizing the Company’s $231.0 million payment to a subsidiary of SunEdison, Inc. for a portfolio of 17 solar energy projects in India with an aggregate nameplate capacity of 425 MW. On July 21, 2017, the parties to the litigation executed a Stipulation of Settlement, which will settle the litigation for a total aggregate settlement amount of $20.0 million, subject to certain conditions, including the approval by the Court of Chancery of the State of Delaware. The settlement amount will be paid out of proceeds from insurance policies covering the Company’s officers and directors. On July 25, 2017, the Court of Chancery of the State of Delaware authorized distribution of notice of the settlement (the “Settlement Notice”) to current stockholders of the Company and stayed all non-settlement-related proceedings. A final settlement hearing is scheduled to occur on October 10, 2017. A copy of the Settlement Notice is filed as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statement and Exhibits.
(d) Exhibits
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Exhibit No. |
Description |
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99.1 |
Settlement Notice, dated July 25, 2017 |
TERRAFORM GLOBAL, INC. ExhibitEX-99.1 2 exhibit991aldridgesettleme.htm EXHIBIT 99.1 Exhibit Exhibit 99.1IN THE COURT OF CHANCERY OF THE STATE OF DELAWAREJASON ALDRIDGE,…To view the full exhibit click here
About TerraForm Global, Inc. (NASDAQ:GLBL)
TerraForm Global, Inc. is a renewable energy company. The Company owns and operates clean energy power plants. The Company’s segments include Solar, Wind and Corporate. The Company serves a range of utility, commercial, industrial, residential and government customers through energy production with over 40 projects across approximately 70 sites in various markets. The Company’s projects include Brakes, ESP Urja, Boshof, Silverstar Pavilion, NSM Sitara, Dunhuang, Salvador, Hanumanhatti, Focal, Alto Cielo, Witkop and others. The Company’s over 917 megawatts (MW) portfolio enables around the clock energy production. The Company’s solar and wind projects are located across various regions, including Brazil, India, South Africa, China, Thailand, Malaysia and Uruguay. The Company is a subsidiary of SunEdison, Inc. The Company’s subsidiaries include TerraForm Global, LLC and TerraForm Global Operating, LLC.