TESSCO Technologies Incorporated Receives Stockholder Approval to Merge and Announces Expected Merger Closing Date

(NASDAQ: TESS), TESSCO TECHNOLOGIES INCORPORATED (“Tessco” or the “Company") announced today that, at a Special Meeting of Stockholders held on July 13, 2023, Tessco stockholders approved the proposal to approve the merger transaction between Tessco and entities affiliated with Lee Equity Partners LLC and Twin Point Capital LLC, which also own Alliance Corporation (“Alliance”), a value-added distributor of equipment for the wireless industry, and GetWireless, LLC (“GetWireless”), a value-added distributor of cellular solutions that connect the Internet of Things (IoT).

The Company also announced that it expects the merger transaction to close on Monday, July 17, 2023, subject to customary closing conditions. Assuming that closing date, upon closing, the Company will become directly or indirectly wholly owned by entities affiliated with Lee Equity Partners LLC and Twin Point Capital LLC, Tessco’s common stock will cease trading on Nasdaq, and all outstanding shares of Tessco common stock, other than any held by stockholders that perfected their statutory rights of appraisal, will be converted into the right to receive the merger consideration of $9.00 per share.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current expectations and beliefs of Tessco’s management and Alliance and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to risks and uncertainties. These risks and uncertainties include, but are not limited to, those associated with: the parties’ ability to meet expectations regarding the timing and completion of the merger; the occurrence of any event, change or other circumstance that would give rise to the termination of the merger agreement and the fact that certain terminations of the merger agreement could require the Company to pay a termination fee of $4.0 million; the failure to satisfy each of the conditions to the consummation of the merger; the disruption of management’s attention from ongoing business operations due to the merger; the effect of the announcement of the merger on Tessco’s relationships with its customers, as well as its operating results and business generally; the outcome of any legal proceedings related to the merger; retention of employees of Tessco following the announcement of the merger; and the fact that Tessco’s stock price may decline significantly if the merger is not completed.