Lion Point Capital enters into Cooperation Agreement with Sierra Wireless

On April 16, 2020 Sierra Wireless, Inc. (“Sierra Wireless”) the leading IoT solutions provider that combines devices, network services and software to unlock value in the connected economy, announced that it entered into an agreement with Lion Point Capital, LP (“Lion Point”), an investment firm which holds approximately 9.4 percent of Sierra Wireless’ total shares outstanding, regarding the membership and composition of the Sierra Wireless board of directors and its committees, as well as certain customary standstill restrictions. Pursuant to the cooperation agreement, two independent directors were appointed to the board of directors of Sierra Wireless to fill two vacancies created by resigning directors. In addition, subject to the approval of a board expansion resolution at the upcoming Sierra Wireless annual meeting, the Sierra Wireless board of directors will appoint two additional independent directors recommended by Lion Point and one additional independent director selected by the board. Sierra Wireless also agreed to appoint each of the new directors to at least one of the board’s standing committees. Fasken advised Lion Point in connection with this matter with a team comprised of Bradley Freelan, Grant McGlaughlin, Florind Polo and Zach Austin.