Form 4: Voxx International Corp. Executive Discloses Share Cancellation Following Merger with Gentex Corporation

Charles M. Stoehr, Sr. Vice President & Treasurer of Voxx International Corp., reports the cancellation of Class A Common Stock and restricted stock units due to the merger with Gentex Corporation, resulting in a cash payment of $7.50 per share.

Summary

• On April 1, 2025, Voxx International Corp. merged with Instrument Merger Sub, Inc., a subsidiary of Gentex Corporation, with Voxx continuing as the surviving entity.
• As a result of the merger, each share of Voxx's Class A and Class B Common Stock was cancelled and converted into the right to receive $7.50 in cash.
• Charles M. Stoehr, Sr. Vice President & Treasurer, reported the cancellation of 13,673 shares of Class A Common Stock.
• Additionally, restricted stock units (RSUs) held by Stoehr vested fully and were cancelled, converting into the right to receive a cash payment of $7.50 per share.
• Specifically, 1,167 RSUs issued under the 2024 Equity Incentive Plan and 93,654 SERP Restricted Stock Units were affected.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The document primarily reports the completion of a merger and the resulting cancellation of shares and RSUs. While shareholders receive a cash payment, they lose equity ownership. The overall impact depends on individual shareholder perspectives.

Positives

• The merger provided shareholders with a cash payment of $7.50 per share.
• Restricted stock units vested fully upon the merger, providing additional value to holders.

Negatives

• Shareholders no longer hold equity in Voxx International Corp. as a result of the merger.
• The cancellation of shares and RSUs eliminates potential future equity appreciation.

Risks

• The document does not explicitly mention any ongoing risks, but the merger's success depends on the integration of Voxx into Gentex and the realization of synergies.
• Future performance will be tied to Gentex's overall strategy and execution.

Future Outlook

The document does not contain specific forward-looking statements about the combined entity's future performance. Future performance will be tied to Gentex's overall strategy and execution.

Industry Context

Mergers and acquisitions are common in the technology and automotive industries, as companies seek to expand their product offerings, market share, or technological capabilities. This merger reflects a strategic move by Gentex to integrate Voxx's expertise and assets into its operations.

Comparison to Industry Standards

• The $7.50 per share cash payment is a key metric for evaluating the fairness of the merger to Voxx shareholders.
• Comparable transactions in the automotive electronics industry would need to be analyzed to determine if this valuation is in line with industry standards.
• Gentex is a major player in the automotive industry, and this acquisition could strengthen its position relative to competitors like Magna International, Continental AG, and Aptiv PLC.

Stakeholder Impact

• Shareholders received a cash payment of $7.50 per share.
• Employees of Voxx International Corp. may experience changes as the company integrates into Gentex.
• The merger could impact suppliers and customers of Voxx International Corp. as Gentex implements its strategies.

Key Dates

Keywords

Merger, Voxx International Corp, Gentex Corporation, Class A Common Stock, Restricted Stock Units, Cancellation, Cash Payment, Form 4, Stoehr, SERP