From Earlier: UniTek Amends Pinnacle Wireless Earn-Out Agreement to Limit Share Issuance

UniTek Global Services, Inc. (Nasdaq: UNTK) yesterday announced that it has reached an agreement with the shareholders of Pinnacle Wireless, Inc. to amend the March 30, 2011 Asset Purchase Agreement pursuant to which UniTek purchased substantially all of the assets of Pinnacle Wireless. While the amendment does not change the economic terms of the transaction, it limits the total number of UniTek common shares that can be issued under the agreement to 3,029,856, equal to 19.99% of the shares of UniTek common stock outstanding on the date of the Asset Purchase Agreement. As a result, the maximum number of remaining shares to be issued in 2012 as part of the earn-out will not exceed 2,105,000. The Company will pay cash in lieu of any shares that would have otherwise been issuable above this limit. Under this arrangement, the maximum cash amount payable in lieu of shares would be approximately $4.4 million.