MINNEAPOLIS--(BUSINESS WIRE)--Apr. 3, 2020-- Piper Sandler Companies (NYSE: PIPR), a leading investment bank and institutional securities firm, today announced that its board of directors has approved the grant of equity awards under the Piper Sandler Companies 2020 employment inducement award plan (the “Inducement Plan”) in connection with Piper Sandler’s acquisition of The Valence Group (the “Valence Group”).
Under the terms of the acquisition, Piper Sandler will grant $5 million payable in restricted shares of Piper Sandler common stock to seven current Valence Group employees who will become Piper Sandler employees following the acquisition. The restricted stock granted will be issued immediately following the closing of the acquisition pursuant to the Inducement Plan and will be subject to the terms and conditions of the applicable award agreements entered into between Piper Sandler and each recipient. The restricted stock will be valued based upon the volume-weighted average per-share closing price of Piper Sandler common stock on the New York Stock Exchange for the ten trading days ending on the third trading day before the date of closing. The awards are intended to aid in the retention of the Valence Group employees.
The awards will be granted pursuant to the Inducement Plan in reliance on the employment inducement exemption under the NYSE’s Listed Company Manual Rule 303A.08. Pursuant to the requirements of that rule, Piper Sandler is issuing this press release.
About Piper Sandler
Piper Sandler is a leading investment bank and institutional securities firm driven to help clients Realize the Power of Partnership®. Through a distinct combination of candid counsel, focused expertise and empowered employees, we deliver insight and impact to each and every relationship. Our proven advisory teams combine deep product and sector expertise with ready access to global capital. Founded in 1895, the firm is headquartered in Minneapolis with offices across the United States and in London, Aberdeen and Hong Kong. www.PiperSandler.com
Piper Sandler Companies (NYSE: PIPR) is a leading investment bank and institutional securities firm driven to help clients Realize the Power of Partnership®. The Valence Group was acquired by Piper Sandler and is a brand name used by the chemicals & materials group of the Piper Sandler investment banking division. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in Europe through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Sandler Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Asset management products and services are offered through separate investment advisory affiliates.
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Source: Piper Sandler Companies