Olshan Represents WebFinancial in Connection with a Going Private Transaction of CoSine Communications
Olshan represented WebFinancial Holding Corporation (“WFH”), a subsidiary of Steel Partners Holdings L.P. (“SPLP”), in connection with a going private transaction of CoSine Communications, Inc. (“CoSine”). Following a reverse/forward stock split by CoSine, CoSine was reorganized as a wholly owned subsidiary of WFH. The reorganization was effective on December 31, 2015, and was effected by merging CoSine with and into WebFinancial Holding LLC, a wholly owned subsidiary of WFH, with WebFinancial Holding LLC surviving as a wholly owned subsidiary of WFH. Pursuant to the merger, former shareholders of CoSine had their shares of CoSine common stock converted into the right to receive shares of WFH common stock and WFH Series A preferred stock and their shares of CoSine Series B preferred stock converted into the right to receive shares of WFH Series A preferred stock. In the aggregate, following the merger, such former shareholders of CoSine, other than the SPLP or its subsidiaries, now own approximately 9.3% of the outstanding common stock of WFH and approximately 2.4% of the outstanding Series A preferred stock of WFH. Leading the representation were Steve Wolosky and Jason Saltsberg, with Kenneth Mantel and Honghui Yu assisting on blue sky matters.