The Bottom Line: Allegro, Skillsoft and Itaconix

A roundup of news updates from public companies in NH and nationwide

ALLEGRO MICROSYSTEMS APPOINTS WILLETT TO BOD

Allegro MicroSystems, Inc. (Nasdaq: ALGM) has appointed Robert J. Willett to Allegro’s board of directors as an independent director. Willett has a career spanning over two decades in industrial technology and automation, spending 14 years as CEO of Cognex Corporation, a global leader in machine vision systems and sensors.

“Rob is a great addition to our board, particularly given his deep roots in the sensor and industrial automation spaces,” said Joseph Martin, chairman of the Board. “He has a proven track record of successfully guiding technology companies through periods of rapid expansion and market shifts. His strategic perspective, governance experience, and disciplined approach to capital deployment will be tremendous assets to Allegro as the company continues to advance its sensing and power solutions globally.”

Willett also serves on the board of directors for Clean Harbors, Inc., a publicly traded industrial and environmental services company, and Formlabs, a private industrial 3D printing company.

Willett holds a bachelor’s degree from Brown University and an MBA from Yale University.

SKILLSOFT TO SELL GLOBAL KNOWLEDGE TRAINING BUSINESS TO ENDURING VENTURES

Skillsoft (NYSE: SKIL) has entered into a definitive agreement to sell its Global Knowledge instructor-led training business to an affiliate of Enduring Ventures, a move the company says will sharpen its focus on its AI-native skills management platform.

The transaction follows a strategic review by Skillsoft and is expected to help the company streamline operations, concentrate investments on AI-driven learning solutions, and improve growth, earnings and cash flow. Skillsoft said it plans to maintain a strategic partnership with Global Knowledge, allowing customers of both companies continued access to instructor-led training and digital learning resources.

Under the agreement, Skillsoft will receive initial consideration of $10 million at closing, subject to adjustments related to working capital and debt. The company will also be eligible for up to an additional $10 million in deferred payments, less approximately $2 million tied to long-term employee liabilities, paid in quarterly installments beginning nine months after closing.

The transaction is subject to customary closing conditions and regulatory approvals. Skillsoft expects the deal to close during its second fiscal quarter.

Jefferies LLC served as Skillsoft’s financial advisor, while Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel.

ITACONIX DEVELOPS NEXT-GEN PLANT-BASED PAINTS

Itaconix plc (AIM: ITX) (OTCQB: ITXXF), an innovator in high-performance plant-based specialty polymers used in consumer products, announced it has made further progress in the development of a new class of paints enabled by Itaconix’s line of BIO*Asterix ingredients.

John R. Shaw, CEO of Itaconix, commented, “We believe our BIO*Asterix ingredients can enable a new and differentiated class of paints with compelling safety and sustainability characteristics. Protecting our proprietary space with this class of paints and collaborating with an experienced industry partner are important next steps in developing and assessing our long-term potential in paint and coating applications. While still at an early stage, we are encouraged by the advances we are making and look forward to further evaluating the opportunity over time.”

The company has filed a patent application covering paint formulations incorporating BIO*Asterix ingredients and has also filed a trademark application relating to the new class of paints under development.

As part of the next stage of development activities, Itaconix has signed an agreement with an established specialty paint company to support the completion and evaluation of initial paint products using BIO*Asterix ingredients, with a strong focus on product safety, performance, and sustainability.