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05 02 2019 01

Maxwell Technologies has entered into a definitive agreement to be acquired by Tesla in a deal work about $218 million. Tesla will commence an all stock exchange offer for all the issued and outstanding shares of Maxwell, after which it will be merged with a Tesla subsidiary and become a wholly owned subsidiary of Tesla.

Tesla founder and CEO Elon Musk is a long-time self-described “big fan of ultracapacitors” and has suggested that ultracapacitors might be a more likely source of a breakthrough for EV energy storage than batteries, although energy density remains an issue.

The offer will value each share of Maxwell common stock at $4.75 per share. Pursuant to the offer, each share of Maxwell common stock will be exchanged for a fraction of a share of Tesla’s common stock, equal to the quotient obtained by dividing $4.75 by a volume weighted average price of one share of Tesla’s common stock as reported on the NASDAQ Global Select Market for the five consecutive trading days preceding the expiration of the Offer, and which is subject to a floor that has been set at 80% of a volume weighted average price of Tesla common stock calculated prior to signing.

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