Company: MFON
Filing Date: 2025-08-01
Form Type: PRE 14A
Source: 0001140361-25-028385
Chunk: 33

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-08-01
Form: PRE 14A
Chunk 33
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 2025, Company management met with representatives of Company D. Under a non-disclosure agreement, a substantial amount of diligence information was exchanged, yet no indication of interest was received from Company D. In May 2025, Company D and various members of the Company’s management team had conversations about technical integration, and Company D’s investment banker again reached out to the Company. On May 28, 2025, Company D’s investment banker called the Company and offered a potential transaction structure, to which the Company responded with interest. However, on June 16, 2025, Company D’s investment banker emailed the Company to inform him that Company D was discontinuing conversations and had decided to focus on EBITDA positive companies with greater than $10 million in revenue. |

In addition to these more substantive discussions, the Company engaged in other conversations with industry participants during this period that did not yield material developments. Notwithstanding these extensive efforts over multiple years, the Company had not been able to enter into any transaction that the Company or the Board felt was in the best interests of the Company or its stockholders. Based on its knowledge of industry participants, this history of outreach efforts, and the Company’s current financial performance, the Company believed continuing to search for strategic alternatives for the Company in its current state was not likely to enhance stockholder value. The Company discussed with Faegre Drinker and the Company’s Nevada legal counsel, Brownstein Hyatt Farber Schreck, LLP (“ Brownstein”) the Board’s fiduciary duties in considering “going dark” in conjunction with a reverse stock split or otherwise and other corporate governance issues. As part of a potential “going dark” transaction, the Company considered the merits of voluntarily seeking stockholder approval of a reverse stock split in which smaller stockholders, in lieu of receiving fractional shares, would receive a cash payment from the Company and larger stockholders would retain their holdings in the Company, which would no longer be encumbered by the expenses of a public reporting company. Combining “going dark” with a stockholder-approved reverse stock split would also have the following effects: (1) it would give all of the Company’s stockholders an opportunity to vote on the matter and (2) by further reducing the number of record holders, it would reduce the risk that the Company might inadvertently become subject to the reporting requirements in the future if its number of record holders was to crest above 300. The Company considered alternative “going dark” transaction structures, including a potential Company-led tender offer