Comstock Inc. entered into a Cooperation Agreement with MAK Capital Fund LP, beneficial owner of 5,763,729 shares, to temporarily expand the Board from six to eight members and appoint Donald A. Colvin, Robert Spence, and Steven Pei as directors, with committee reconstitutions and planned retirements of William J. Nance and Walter A. Marting Jr. at the 2027 Annual Meeting. This enhances board governance and aligns with shareholder interests through voting commitments and standstill provisions.
Key takeaways
Entered Cooperation Agreement on March 23, 2026, with MAK Capital Fund LP owning 5,763,729 shares
Board size temporarily increased from 6 to 8 members
Appointed Donald A. Colvin and Robert Spence as directors effective immediately; Steven Pei effective April 15, 2026
William J. Nance and Walter A. Marting Jr. to retire effective 2027 Annual Meeting; Board to reduce to 6 then expand to 7
Robert Spence appointed Chair of Compensation, Audit and Finance Committees; Walter A. Marting Jr. as Board Chairman, Kristin Slanina as Vice Chair
Agreement terminates when MAK Capital owns less than lesser of 5.6% or 4,000,000 shares, or after 2027 Annual Meeting