TESSCO Technologies Incorporated Receives Stockholder Approval To Merge And Announces Expected Merger Closing Date

(NASDAQ:TESS), TESSCO TECHNOLOGIES INCORPORATED ("Tessco" or the "Company") announced today that, at a Special Meeting of Stockholders held on July 13, 2023, Tessco stockholders approved the proposal to approve the merger transaction between Tessco and entities affiliated with Lee Equity Partners LLC and Twin Point Capital LLC, which also own Alliance Corporation ("Alliance"), a value-added distributor of equipment for the wireless industry, and GetWireless, LLC ("GetWireless"), a value-added distributor of cellular solutions that connect the Internet of Things (IoT).

The Company also announced that it expects the merger transaction to close on Monday, July 17, 2023, subject to customary closing conditions. Assuming that closing date, upon closing, the Company will become directly or indirectly wholly owned by entities affiliated with Lee Equity Partners LLC and Twin Point Capital LLC, Tessco's common stock will cease trading on Nasdaq, and all outstanding shares of Tessco common stock, other than any held by stockholders that perfected their statutory rights of appraisal, will be converted into the right to receive the merger consideration of $9.00 per share.