APPENDIX DStraight Path Communications—Excerpts from Proxy Statement
Background of the Merger
The Straight Path board regularly meets to review Straight Path's operations and discuss potential strategic alternatives available to Straight Path, with the goal of maximizing stockholder value.
In November 2015, certain allegations were made in an anonymous report regarding the circumstances under which certain of Straight Path's spectrum licenses were renewed by the FCC in 2011 and 2012. Following the publication of that report, Straight Path conducted an independent investigation and disclosed the results of the investigation to the Federal Communications Commission, which we refer to as the FCC, on August 1, 2016.
Periodically during the month of June 2016, representatives of Straight Path and representatives of AT&T engaged in discussions regarding the potential leasing of some or all of Straight Path's 28 GHz LMDS wireless spectrum. On June 23, 2016, a representative of AT&T informed Davidi Jonas, the chief executive officer of Straight Path, that AT&T was also interested in Straight Path's 39 GHz wireless spectrum and on June 29, 2016, AT&T submitted a list of diligence requests regarding the licenses relating to Straight Path's 39 GHz wireless spectrum.
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