In a couple of new filings with the U.S. Securities and Exchange Commission, Becker Drapkin Management, managed by Matthew Drapkin and Steven R. Becker, has disclosed upping its stake in Fuel Systems Solutions Inc. (NASDAQ:FSYS), and entering into a voting agreement with EMCORE Corporation (NASDAQ:EMKR) in connection its asset sale agreement.
Becker Drapkin Management is bullish on Fuel Systems Solutions Inc. (NASDAQ:FSYS), in which it increased its position to 1.79 million shares from 1.58 million shares reported previously. The new stake is equal to 8.9% of common stock outstanding. Fuel Systems Solutions Inc. (NASDAQ:FSYS) is engaged in designing, manufacturing and supply of alternative fuel components and systems for use in transportation and industrial applications.
Other largest shareholders of Fuel Systems Solutions Inc. (NASDAQ:FSYS) include Royce & Associates, led by Chuck Royce, which holds 781,200 shares, and Renaissance Technologies, run by Jim Simons, which owns 120,322 shares of the company, according to our record.
EMCORE Corporation (NASDAQ:EMKR) recently signed an agreement with Photon Acquisition Corporation, an affiliate of private equity firm Veritas Capital, to sell its Space Photovoltaics business for $150 million in cash. Subject to approval by the company’s shareholders and other customary closing conditions, the deal is currently expected to close in December 2014 or January 2015. The transaction is not subject to a financing condition, according to a press release.
Pursuant to a voting agreement, Becker Drapkin Management agreed to attend any applicable shareholder meetings and to vote the shares in favor of the agreement, and to attend any applicable shareholder meetings and to vote the shares against any actions that would materially interfere with the asset purchase. The voting agreement terminates upon the earliest of the termination of the agreement, the closing and certain changes to the terms of the asset purchase, according to the filing.
According to the filing, Becker Drapkin Management holds around 3.20 million shares of EMCORE Corporation (NASDAQ:EMKR). The stake amasses 10.4% of common stock outstanding.
EMCORE Corporation (NASDAQ:EMKR) is engaged in providing compound semiconductor-based components, subsystems, and systems for the fiber optics and space solar power industries. The company has a market cap of $169.5 million.
Becker Drapkin Management is located in Dallas, Texas, and was founded by Matthew Drapkin and Steven R. Becker in 2004. The fund focuses on small-cap value situations in the U.S. equity markets.
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