Arlo Announces Completion of Spin-Off from NETGEAR
Arlo Technologies Inc. announced that NETGEAR Inc. has completed its previously announced distribution of 62,500,000 shares of Arlo common stock owned by NETGEAR, representing approximately 84.2 percent of the outstanding shares of Arlo common stock. After the completion of the distribution, NETGEAR no longer owns any shares of Arlo common stock.
The distribution was made to NETGEAR stockholders of record as of the close of business on December 17, 2018 (the “record date”). The distribution took place in the form of a pro rata common stock dividend to each NETGEAR stockholder of record on the record date.
Based on the shares of NETGEAR common stock outstanding on the record date, NETGEAR stockholders received 1.980295 shares of Arlo common stock for every share of NETGEAR common stock held as of the record date.
No fractional shares of Arlo common stock were distributed. Instead, NETGEAR stockholders will receive cash in lieu of any fraction of a share of Arlo common stock that they otherwise would have received.
In connection with, and effective upon the completion of, the distribution of shares of Arlo common stock, Patrick C.S. Lo resigned as a director of Arlo, and the Board of Directors of Arlo reduced the size of the board from seven to six.
