Global Eagle Entertainment equity security trading procedures OK’d

By Caroline Salls

Pittsburgh, Sept. 2 – Global Eagle Entertainment Inc. obtained final approval of the notice and hearing procedures for the trading of its equity securities, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The procedures require any person or entity who is or becomes a substantial shareholder to notify the U.S. Bankruptcy Court for the District of Delaware and Global Eagle of that status within 20 days of the entry of the order or within 10 days of becoming a substantial shareholder.

In addition, 14 days’ notice must be provided of any purchase, sale or transfer of the company’s equity securities that would result in a person or entity becoming a substantial shareholder or ceasing to be a substantial shareholder.

Global Eagle would then have seven days to object to the proposed transaction.

Any purchase, sale or transfer that violates the procedures will be deemed null and void.

According to the 8-K, substantial shareholder is defined as a holder of at least 4.5%, or 168,921, of all of the company’s issued and outstanding shares.

Based in Los Angeles, Global Eagle is a provider of media, content, connectivity and data analytics to markets across air, sea and land. The company filed bankruptcy on July 22 under Chapter 11 case number 20-11835.

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