Wednesday, July 3, 2024 Braemar Hotels & Resorts Inc. (“Braemar” or the “Company”) announced today that it has signed a cooperation agreement (the “Cooperation Agreement”) with Blackwells Capital LLC (“Blackwells”). According to the terms of the Cooperation Agreement, Blackwells will withdraw its director nomination notice and proposals, stop soliciting proxies, and vote in favor of all Braemar directors and proposals at the 2024 Annual Meeting of Stockholders (the “Annual Meeting”).
Both Braemar and Blackwells have agreed to release all legal claims arising prior to the settlement and dismiss their respective actions. Richard J. Stockton, President and Chief Executive Officer of Braemar, stated: “We are pleased to have reached this outcome, which we believe is in the best interests of all our shareholders.
We can now return our full focus to optimally managing our unique portfolio of world-class assets, enhancing our capital structure and financial flexibility, and maximizing shareholder value. We are extremely excited for Braemar’s future, and look forward to working with Blackwells as a significant shareholder.” As part of the Cooperation Agreement, Blackwells has committed to purchasing 3.
5 million shares of Braemar’s stock on the open market, partially financed by Braemar. Additionally, Braemar will appoint a new independent director to its Board of Directors, considering Blackwells’ input in the selection process. Jason Aintabi, Chief Inves.
