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Subsequent Events
9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

18. Subsequent Events

On October 26, 2022, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Regal Rexnord Corporation, a Wisconsin corporation (“Parent”), and Aspen Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), pursuant to which, and upon the terms and subject to the conditions described therein, Merger Sub will merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of Parent (the “Merger”). Under the Merger Agreement, at the closing of the Merger, each issued and outstanding share of our common stock (other than (i) shares owned by the Company, any subsidiary of the Company, Parent, Merger Sub or any other subsidiary of Parent, (ii) shares owned by stockholders of the Company who have validly exercised their statutory rights of appraisal under the DGCL and (iii) Company Restricted Shares (as defined in the Merger Agreement) will be converted into the right to receive $62.00 in cash, without interest and subject to any required withholding of taxes. The Board of Directors of the Company has unanimously approved the Merger Agreement and has recommended that the stockholders of the Company adopt the Merger Agreement. The consummation of the Merger is subject to customary closing conditions and is expected to close in the first half of 2023. If the Merger Agreement is terminated under specified circumstances, we will be required to pay Parent a termination fee of $100 million. The Merger Agreement also provides that, in connection with the termination of the Merger Agreement under specified antitrust related circumstances, Parent will be required to pay us a “reverse termination fee” of $200 million.

On November 1, 2022, the Company declared a dividend of $0.09 per share for the quarter ended December 31, 2022, payable on January 3, 2023 to stockholders of record as of December 16, 2022.