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Powerfleet, Inc. (NASDAQ:PWFL) and MiX Telematics Limited (NYSE:MIXT, JSE: MIX))))) today announced they have received shareholder approval on the proposals related to the previously announced business combination between the parties.
The transaction is expected to close the first week of April 2024, subject to the satisfaction of remaining customary conditions. Upon closing, the combined business will be branded as Powerfleet, with its primary listing on Nasdaq.
"With the continued support from our shareholders, we are thrilled to announce their approval of our transformative combination with MiX," said Steve Towe, Powerfleet's Chief Executive Officer, who will continue serving as CEO of the combined Powerfleet company. "We expect the business combination will establish Powerfleet as a top-tier, global AIoT SaaS company, paving the way for accelerated growth in recurring revenues, expanded profitability, and enhanced investor value creation opportunities."
Upcoming events where the combination will be discussed further include Powerfleet's Q4 2023 earnings call on March 12, 2024, and the 36th Annual ROTH Conference from March 17-19 2024.
