BROOKINGS, S.D., July 27, 2022 (GLOBE NEWSWIRE) — Daktronics, Inc. (NASDAQ: DAKT) (the “Company” or “Daktronics”), a world leader in audiovisual systems and implementation, today announced changes to its Board of Directors (the “Board”) as part of its ongoing Board refreshment process and that it has entered into a Cooperation Agreement with Daktronics shareholder Prairieland Holdco, LLC (“Prairieland”) and its affiliates, including Andrew Siegel (collectively, the “Prairieland Group”).
Pursuant to the Cooperation Agreement, the Company has agreed to nominate Mr. Siegel to the Board for election at the Company’s 2022 Annual Meeting of Shareholders (the “Annual Meeting”). Following the Annual Meeting, the Board will expand from seven to eight directors, and an additional director mutually agreed upon by Daktronics and the Prairieland Group will be added to the Board.
“We are pleased to welcome Andrew to our Board and look forward to his perspectives, as we continue to position ourselves for long-term growth and value creation,” said Reece Kurtenbach, Daktronics Chairman, President, and Chief Executive Officer. “Following these Board changes, more than half of our directors will have been added in the past two years as part of our focus on ensuring that we have the right mix of perspectives and experience overseeing the Company. We remain committed to engaging with our shareholders, while continuing to address both the challenges and the emerging opportunities in our industry.”
Under the Cooperation Agreement, Mr. Siegel’s term as a director will expire at the Company’s 2025 Annual Meeting of Shareholders. The Prairieland Group has agreed to, among other things, customary standstill and voting provisions during this time.
Mr. Siegel stated, “We invested in Daktronics because we believe the Company has enormous potential that the market is currently underappreciating. I would like to thank the Board for its constructive approach to our discussions, and I look forward to working with management and the Board to help drive Daktronics’ success.”
The complete Cooperation Agreement will be filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) as an exhibit to a Current Report on Form 8-K.
About Andrew Siegel and Prairieland Holdco, LLC
Andrew Siegel currently manages Prairieland, whose sole member is TLI Bedrock, LLC (“TLI”), a private multi-strategy investment firm managed by Mr. Siegel and Lawrence B. Benenson (TLIBedrock.com). In 2019, Mr. Siegel co-founded and served as Executive Chairman of FourQ Systems, Inc., an enterprise financial technology company backed by TLI which was sold to Blackline, Inc. in January 2022. Also in 2019, he co-led a group that reported a 7.5% interest in CSS Industries Inc. Mr. Siegel was founding partner of Advance Venture Partners, the investment fund of global media company Advance Publications, Inc. He joined Advance in 2010 and, as Executive Vice President, Strategy and Corporate Development, was responsible for growth initiatives at the holding company and its operating units, including Condé Nast. He oversaw The Sports Business Journal/SBD until December 2019. Mr. Siegel joined Advance from Yahoo! Inc., where he led the digital media company’s corporate development team from September 2009 until December 2010. He previously was an executive with General Electric Company (“GE”) from 2004 until 2009 and its financial arm, GE Capital. He joined GE upon its acquisition of InVision Technologies, Inc. in December 2004], where he had served as an executive officer since 2001.
