Tessco Technologies: Up after founder urges to remove directors

Tessco Technologies

28/09/2020 15:57

** Shares of wireless equipment provider  TESS.O  up 3.6% at
$5.9
    ** Founder Robert B. Barnhill, Jr., also the company's
former chairman and CEO, files preliminary consent solicitation
statement to remove and replace a majority of TESS directors
 urn:newsml:reuters.com:*:nPn3lC8DDa
    ** Urges shareholders to remove 5 directors and replace them
with 4 independent nominees 
    ** Says TESS's unacceptable performance and a lack of proper
board oversight have resulted in a significant loss of value
that shareholders have experienced in recent years
    ** Stock down ~47% YTD 

 (Reporting by Shivani Kumaresan in Bengaluru)
 ((Shivani.Kumaresan@thomsonreuters.com ; +1 646 223 8780;))