SAN DIEGO, April 26 /PRNewswire-FirstCall/ -- Maxwell Technologies, Inc. (Nasdaq: MXWL) announced today that it has consolidated its ownership of its I-Bus/Phoenix and Electronic Components Group operating subsidiaries by converting stock and stock options in those units into Maxwell common shares and stock options.
Carl Eibl, Maxwell's president and chief executive officer, said that the consolidation simplifies the company's capital structure by making both units wholly-owned subsidiaries, and puts employees and former employees who held shares and options in those subsidiaries on an equal footing with current and former employees who hold Maxwell shares and options.
A total of 564,794 Maxwell common shares have been issued to current and former employees in exchange for their subsidiary shares, and approximately 500,000 non-qualified Maxwell options have been granted in exchange for outstanding subsidiary options. The company also recently converted an equity interest in its Electronic Components Group held by PacifiCorp, a subsidiary of Scottish Power plc, into 518,292 shares of Maxwell common stock. All of these conversion transactions were based on independent appraisals of the fair market value of the subsidiaries.
Maxwell Technologies applies industry-leading capabilities in power and computing to develop and market electronic components and power and computing systems for customers in multiple industries, including transportation, telecommunications, consumer and industrial electronics, medical and aerospace.