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Spok Rated as #1 Secure Healthcare Provider Communications Platform for the Fourth Consecutive Year

Voted top-rated secure communications platform by healthcare clients in Black Book Research survey as health systems face an increase in cybersecurity attacks

SPRINGFIELD, Va.–(BUSINESS WIRE)–Spok, Inc., a wholly owned subsidiary of Spok Holdings, Inc. (NASDAQ: SPOK) and a global leader in healthcare communications, earned top honors for the fourth consecutive year in a survey of healthcare industry clients by Black Book Research on top-rated secure communications platforms.

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“The honor means more this year than ever, and demonstrates our market leadership, as healthcare systems continue to battle COVID-19,” said Vincent D. Kelly, president and chief executive officer of Spok Holdings, Inc. “Since the onset of the pandemic, healthcare systems have faced an increase in data breaches and security threats. Being a top-performing cybersecurity software and service vendor is crucial.”

Kelly added, “We are honored that year after year Spok has ranked number one in this survey, proving that our customers can continue to count on us for secure and reliable care team communications, especially during these unprecedented times.”

From third to fourth quarter 2020, Black Book Research’s secure communications platform client/user survey investigated over 30 solutions vendors used by more than 1,600 validated users nationwide. Ballots from nearly 1,500 healthcare organizations were received and validated for this spotlight survey of user satisfaction and utilization trends.

Spok received the highest honors for customer satisfaction in 12 of the 18 copyrighted key performance indicators Black Book Research measures including strategic alignment with client goals, innovation, reliability, support and customer care, and best of breed technology.

For the full rankings and methodology click here.

About Spok

Spok, Inc., a wholly owned subsidiary of Spok Holdings, Inc. (NASDAQ: SPOK), headquartered in Springfield, Virginia, is proud to be a global leader in healthcare communications. We deliver clinical information to care teams when and where it matters most to improve patient outcomes. Top hospitals rely on the Spok Go® and Spok Care Connect® platforms to enhance workflows for clinicians and support administrative compliance. Our customers send over 100 million messages each month through their Spok® solutions. When seconds count and patients’ lives are at stake, Spok enables smarter, faster clinical communication. For more information, visit spok.com or follow @spoktweets on Twitter. 

Spok is a trademark of Spok Holdings, Inc. Spok Go and Spok Care Connect are trademarks of Spok, Inc. 

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Katlyn Nesvold

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Playboy Releases Three and Nine Month Financial Results Through September 30, 2020

Third Quarter 2020 Revenue up 86% YOY to $35.0 million, Net Income of $1.3 million

Third Quarter 2020 Adjusted EBITDA up 130% YOY to $7.4 million

YTD Revenue Up 78% YOY, Driven by Growth of Direct-to-Consumer Business

Announces Post-Merger Parent Company Name Change to PLBY Group, Inc., Signaling

Brand and Business Expansion

LOS ANGELES–(BUSINESS WIRE)–
Playboy Enterprises, Inc. (the “Company” or “Playboy”), one of the largest and most recognizable lifestyle brands in the world, today provided three and nine month 2020 financial results through September 30, 2020. The Company also today announced a change of its parent company name after the completion of its proposed business combination with Mountain Crest Acquisition Corp (Nasdaq: MCAC) (“Mountain Crest”) from Playboy Group, Inc. to PLBY Group, Inc. to reflect its expansion into a leading global pleasure and leisure platform.

Ben Kohn, CEO of Playboy, commented, “I’m thrilled with our performance for the three and nine month periods through September 2020. Revenue grew 86% year over year in the third quarter reflecting the strength in our Direct-to-Consumer segment as well as robust performance from our Licensing segment, including great traction with our PacSun and Missguided collaboration lines and from our Asia style & apparel business.”

Kohn continued, “As we look toward the remainder of 2020, we expect to meet or exceed our recently increased full year 2020 financial projections of $137 million in revenue and $28 million in Adjusted EBITDA¹ as the fourth quarter is seasonally our strongest, this year being no exception as we’ve experienced a strong Halloween and early holiday shopping season.”

“As we look ahead to 2021, we are encouraged by the strong traction in our digital commerce offerings, our pipeline of licensing deals and recently launched owned-and-operated products, and the recovery of some of our Covid-related losses in our Gaming and Apparel businesses that we anticipate will come back online as those supply chains normalize. In addition, with interest rates at historic lows, and our pro forma net debt anticipated under $100 million at the close of our merger with Mountain Crest, we have begun debt refinancing discussions and expect to benefit from the financial flexibility that comes with the committed capital, a strong balance sheet and a leverage ratio that we anticipate to be under 2x based on our initial anticipated 2021 forward Adjusted EBITDA of $40 million.”

Three and Nine Month 2020 Financial Results Through September 30, 2020

The Company’s third quarter 2020 net revenues were $35.0 million, representing growth of $16.2 million or 86% over the same period in 2019. This growth was primarily driven by Direct-to-Consumer revenue, which increased $15.1 million, and Licensing revenue, which increased $2.0 million, from the year ago period. In the third quarter 2020, the Company generated net income of $1.3 million compared to a net loss of $3.4 million in the same period in 2019, representing a $4.7 million improvement, and Adjusted EBITDA was $7.4 million, up $4.2 million or 130% over the same period in 2019.

On a nine month basis, net revenues were $101.3 million, representing growth of $44.4 million or 78% over the same period in 2019. This growth was primarily driven by Direct-to-Consumer revenue, which increased $40.0 million, and Licensing revenue, which increased $7.0 million, from the year ago period. Net loss for the first nine months of the year improved by $12.8 million, from a net loss of $17.6 million to a net loss of $4.8 million in 2020. Adjusted EBITDA in the first nine months of 2020 was $21.8 million, up $12.3 million or 129% over the same period in 2019.

Kohn continued, “The third quarter was particularly exciting for us as we launched Playboy owned-and-operated Sexual Wellness products, saw strong crossover between our brands with a successful Playboy Midsummer Night’s Dream lingerie collection on Yandy, and made strategic hires in digital product and data science, a key part of our long-term growth plan to drive superior lifetime value of our customers across multiple brands and consumer touchpoints.”

“Additionally, given this strong brand crossover and our robust incubation and M&A pipeline, we’re excited to announce our new corporate positioning as PLBY Group, a signal of our ambition to build the leading platform for pleasure and leisure brands and businesses around the world. We are immensely privileged to have as our cornerstone the original lifestyle brand, Playboy, with its immense global reach and consumer products and experiences that help people around the world enjoy their lives more fully,” Kohn concluded.

Reflecting its expansion into a leading global pleasure and leisure platform, the Company’s new name following the Mountain Crest merger, PLBY Group, Inc., will serve as a holding company that owns, incubates and acquires brands and businesses in four key addressable markets: Sexual Wellness, Style & Apparel, Gaming & Lifestyle, and Beauty & Grooming. Management anticipates that the corporate name change will take effect in the first quarter of 2021.

Please visit the IR section of Mountain Crest Acquisition Corp’s website at www.mcacquisition.com/ to access today’s prepared remarks from Playboy management.

About Playboy

Playboy is one of the largest and most recognizable global lifestyle platforms in the world, with a strong consumer business focused on four categories comprising The Pleasure Lifestyle: Sexual Wellness, Style & Apparel, Gaming & Lifestyle and Beauty & Grooming. Under its mission of Pleasure for All, the 67-year-old Playboy brand drives more than $3 billion in global consumer spend and sells products across 180 countries. Playboy is one of the most iconic brands in history.

About Mountain Crest Acquisition Corp

Mountain Crest Acquisition Corp is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Mountain Crest’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to focus on operating businesses in North America. Visit https://www.mcacquisition.com/.

Important Information About the Proposed Business Combination and Where to Find It

In connection with the proposed business combination described herein (the “Business Combination”), Mountain Crest intends to file relevant materials with the Securities and Exchange Commission (the “SEC”), which includes the preliminary proxy statement filed with the SEC on November 10, 2020, and a definitive proxy statement on Schedule 14A, when available. Promptly after filing its definitive proxy statement relating to the proposed business combination with the SEC, Mountain Crest will mail the definitive proxy statement and a proxy card to each stockholder entitled to vote at the special meeting relating to the Business Combination. INVESTORS AND STOCKHOLDERS OF MOUNTAIN CREST ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE TRANSACTION THAT MOUNTAIN CREST WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT MOUNTAIN CREST, PLAYBOY AND THE TRANSACTION. The definitive proxy statement, the preliminary proxy statement and other relevant materials in connection with the Business Combination (when they become available), and any other documents filed with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov, or by visiting the investor relations section of https://www.mcacquisition.com/.

Participants in the Solicitation

Mountain Crest and its directors and executive officers may be deemed participants in the solicitation of proxies from Mountain Crest’s stockholders with respect to the Business Combination. A list of the names of those directors and executive officers and a description of their interests in Mountain Crest, and additional information regarding the interests of such participants are included in the preliminary proxy statement for the proposed Business Combination, and is available at www.sec.gov. Information about Mountain Crest’s directors and executive officers and their ownership of Mountain Crest common stock is set forth in Mountain Crest’s prospectus, dated June 4, 2020, and in the preliminary proxy statement, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation is included in the preliminary proxy statement pertaining to the proposed Business Combination, and will be included in a definitive proxy statement on Schedule 14A, when it becomes available. These documents can be obtained free of charge from the sources indicated above.

Playboy and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Mountain Crest in connection with the proposed Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed Business Combination is included in the preliminary proxy statement for the proposed Business Combination, and will be included in a definitive proxy statement on Schedule 14A, when it becomes available.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Mountain Crest’s and Playboy’s actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Mountain Crest’s and Playboy’s expectations with respect to future performance and anticipated financial impacts of the proposed business combination, the satisfaction of the closing conditions to the proposed business combination, and the timing of the completion of the proposed business combination.

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. In addition, certain financial information, data, projections and statements included herein assume no redemptions by Mountain Crest shareholders in connection with the proposed business combination, and the actual amount of any such redemptions could cause such assumptions and financial information, data, projections and statements to differ materially from those set forth in this release. Most of these factors are outside Mountain Crest’s and Playboy’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change, or other circumstances that could give rise to the termination of the definitive merger agreement (the “Agreement”); (2) the outcome of any legal proceedings that may be instituted against Mountain Crest and Playboy following the announcement of the Agreement and the transactions contemplated therein; (3) the inability to complete the proposed business combination, including due to failure to obtain approval of the stockholders of Mountain Crest and Playboy, certain regulatory approvals, or satisfy other conditions to closing in the Agreement; (4) the occurrence of any event, change, or other circumstance that could give rise to the termination of the Agreement or could otherwise cause the transaction to fail to close; (5) the impact of COVID-19 pandemic on Playboy’s business and/or the ability of the parties to complete theproposed business combination; (6) the inability to obtain or maintain the listing of Mountain Crest’s shares of common stock on Nasdaq following the proposed business combination; (7) the risk that the proposed business combination disrupts current plans and operations as a result of the announcement and consummation of the proposed business combination; (8) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of Playboy to grow and manage growth profitably, and retain its key employees; (9) costs related to the proposed business combination; (10) changes in applicable laws or regulations; (11) the possibility that Mountain Crest or Playboy may be adversely affected by other economic, business, and/or competitive factors; (12) risks relating to the uncertainty of the projected financial information with respect to Playboy; (13) risks related to the organic and inorganic growth of Playboy’s business and the timing of expected business milestones; (14) the amount of redemption requests made by Mountain Crest’s stockholders; and (15) other risks and uncertainties indicated from time to time in the final prospectus of Mountain Crest for its initial public offering and the proxy statement relating to the proposed business combination, including those under “Risk Factors” therein, and in Mountain Crest’s other filings with the SEC. Mountain Crest cautions that the foregoing list of factors is not exclusive. Mountain Crest and Playboy caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Mountain Crest and Playboy do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based.

Use of Non-GAAP Financial Measures

Some of the financial information contained in this release, such as Adjusted EBITDA, has not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Mountain Crest and Playboy believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating historical or projected operating results and trends in and in comparing Playboy’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and revenue that are required by GAAP to be recorded in Playboy’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and revenue items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents historical non-GAAP financial measures in connection with GAAP results. You should review Playboy’s audited and unaudited financial statements and reconciliations of Adjusted EBITDA to historical net income (loss), the closest GAAP measure, which are included in this release and the preliminary proxy statement filed by Mountain Crest on November 10, 2020 with the SEC. However, not all of the information necessary for a quantitative reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures is available without unreasonable efforts at this time.

No Offer or Solicitation

This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

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¹ Adjusted EBITDA is a Non-GAAP financial measure. Please see the tables at the end of this release for a reconciliation of historical Adjusted EBITDA to the most directly comparable GAAP measure and the discussion below under “Use of Non-GAAP Financial Measures.”

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (in thousands)
	Three Months Ended September 30,
	2020		2019
Net revenues	$ 35,004		$ 18,782
Costs and expenses
Cost of sales	(15,695)		(8,565)
Selling and administrative expenses	(14,827)		(9,186)
Related-party expenses	(257)		(250)
Total costs and expenses	(30,779)		(18,001)
Operating income	4,225		781
Nonoperating income (expense):
Investment income	2		85
Interest expense	(3,417)		(3,531)
Other income (expense), net	72		(46)
Total nonoperating expense	(3,343)		(3,492)
Income (loss) before income taxes	882		(2,711)
Benefit from (provision for) income taxes	384		(650)
Net income (loss) and comprehensive income (loss)	1,266		(3,361)
Net income (loss) attributable to redeemable noncontrolling
interest	—		—
Net income (loss) and comprehensive income (loss) attributable to
Playboy Enterprises, Inc.	$ 1,266		$ (3,361)

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (in thousands)
	Nine Months Ended September 30,
	2020		2019
Net revenues	$ 101,335		$ 56,871
Costs and expenses
Cost of sales	(50,548)		(25,390)
Selling and administrative expenses	(41,349)		(33,001)
Related-party expenses	(757)		(750)
Total costs and expenses	(92,654)		(59,141)
Operating income (loss)	8,681		(2,270)
Nonoperating income (expense):
Investment income	30		182
Interest expense	(10,073)		(10,884)
Other income (expense), net	73		(87)
Total nonoperating expense	(9,970)		(10,789)
Loss before income taxes	(1,289)		(13,059)
Provision for income taxes	(3,470)		(4,499)
Net loss and comprehensive loss	(4,759)		(17,558)
Net loss attributable to redeemable noncontrolling interest	—		—
Net loss and comprehensive loss attributable to Playboy
Enterprises, Inc.	$ (4,759)		$ (17,558)

Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts)
	September 30, 2020		December 31, 2019
ASSETS	(Unaudited)
Current assets:
Cash and cash equivalents	$ 15,872		$ 27,744
Restricted cash	968		963
Receivables, net of allowance for doubtful accounts of $284 and $302, respectively	6,581		6,153
Inventories, net	11,959		11,750
Contract assets, current portion	1,262		611
Licensed programming costs	480		502
Stock receivable	4,445		—
Prepaid expenses and other current assets	8,272		6,111
Total current assets	49,839		53,834
Property and equipment, net	5,222		5,932
Trademarks and trade name	336,386		335,934
Goodwill	504		504
Other intangible assets, net	2,518		3,052
Contract assets, net of current portion	6,940		7,391
Other noncurrent assets	12,153		12,004
Total assets	$ 413,562		$ 418,651
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$ 9,180		$ 7,859
Payables to related parties	7		5
Accrued salaries, wages, and employee benefits	3,998		4,603
Deferred revenues, current portion	15,931		9,857
Long-term debt, current portion	4,052		3,182
Convertible promissory notes	13,500		13,500
Other current liabilities and accrued expenses	16,872		22,143
Total current liabilities	63,540		61,149
Deferred revenues, net of current portion	34,997		41,734
Long-term debt, net of current portion	156,157		157,810
Deferred tax liabilities, net	74,469		72,288
Other noncurrent liabilities	1,568		576
Total liabilities	330,731		333,557
Commitments and contingencies
Redeemable noncontrolling interest	(208)		(208)
Stockholders’ equity:
Common stock, $0.01 par value; 10,000,000 shares authorized at September 30, 2020 and December 31, 2019; 5,646,993 shares issued and 3,681,185 shares outstanding at September 30, 2020 and December 31, 2019	36		36
Treasury stock, at cost: 1,965,808 shares at September 30, 2020 and December 31, 2019	(38,455)		(38,455)
Additional paid-in capital	198,962		196,466
Accumulated deficit	(77,504)		(72,745)
Total stockholders’ equity	83,039		85,302
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity	$ 413,562		$ 418,651

Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands)
	Nine Months Ended September 30,
	2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (4,759)		$(17,558)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment	1,169		1,602
Stock-based compensation	2,496		6,655
Amortization of other intangible assets	534		828
Amortization of deferred financing fees	89		15
Loss (gain) on disposals of assets	8		(20)
Deferred income taxes	2,181		485
Increase in trademarks and trade name	(452)		(408)
Decrease (increase) in licensed programming costs	22		(124)
Changes in operating assets and liabilities:
Receivables, net	(428)		2,246
Inventories, net	(209)		(18)
Contract assets	(200)		271
Prepaid expenses and other assets	(2,310)		(694)
Accounts payable	1,321		(524)
Payable to related party	2		(3,261)
Accrued salaries, wages, and employee benefits	(605)		(582)
Deferred revenues	(663)		8,967
Other liabilities and accrued expenses	(4,279)		(916)
Net cash used in operating activities	(6,083)		(3,036)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(474)		(3,915)
Proceeds from disposals of property and equipment	7		21
Stock receivable	(4,445)		—
Net cash used in investing activities	(4,912)		(3,894)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term debt	(775)		(3,044)
Payment of financing costs	(97)		—
Net cash used in financing activities	(872)		(3,044)
Net decrease in cash and cash equivalents and restricted cash	(11,867)		(9,974)
Balance, beginning of period	28,707		34,545
Balance, end of period	$ 16,840		$ 24,571
Cash and cash equivalents and restricted cash consist of:
Cash and cash equivalents	$ 15,872		$ 23,610
Restricted cash	968		961
Total	$ 16,840		$ 24,571
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for income taxes	$ 3,331		$ 3,754
Cash paid for interest	$ 10,175		$ 8,305

GAAP Net Income to Adjusted EBITDA Reconciliation (Unaudited) (in thousands)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net income (loss)	$ 1,266		$ (3,361)		$ (4,759)		$ (17,558)
Adjusted for:
Interest expense	3,417		3,531		10,073		10,884
Provision for (benefit from) income taxes	(384)		650		3,470		4,499
Depreciation and amortization	530		1,062		1,703		2,430
EBITDA	4,829		1,882		10,487		255
Adjusted for:
Stock-based compensation	407		627		2,496		6,655
Reduction in force expenses	24		136		2,801		1,184
Non-recurring items	—		379		3,230		762
Management fees and expenses	257		250		757		750
Nonoperating expenses (income)	153		(39)		124		(95)
Transaction expenses	1,764		—		1,880		—
Adjusted EBITDA	$ 7,434		$ 3,235		$ 21,775		$ 9,511

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20201202005626/en/

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Posted on December 2, 2020 9:07 am

Short Form Notice of Proposed Derivative Settlement

RENO, Nevada, Dec. 02, 2020 (GLOBE NEWSWIRE) —

UNITED STATES DISTRICT COURT

DISTRICT OF NEVADA

IN RE ORMAT TECHNOLOGIES, INC.     DERIVATIVE LITIGATION

Case No. 18-cv-00439

SHORT FORM NOTICE OF PROPOSED DERIVATIVE SETTLEMENT

TO:     ALL RECORD HOLDERS AND BENEFICIAL OWNERS OF ORMAT TECHNOLOGIES, INC. (“ORMAT” OR THE “COMPANY”) COMMON STOCK AS OF DECEMBER 2, 2020 (THE “RECORD DATE”)

PLEASE TAKE NOTICE that the above-captioned consolidated derivative action (the “Consolidated Derivative Action”) is being settled on the terms set forth in a Stipulation of Settlement, dated July 10, 2020 (the “Stipulation” or “Settlement”).¹  Under the terms of the Stipulation, as a part of the proposed Settlement, Ormat will adopt certain corporate governance enhancements.  These reforms are designed to address the claims asserted in the Consolidated Derivative Action and enhance Ormat’s internal controls over accounting and compliance with applicable laws, rules and regulations regarding financial reporting.

The full Board reviewed the derivative settlement parameters, and exercising its business judgment and mindful of its duties to stockholders, approved the Settlement.

IF YOU WERE A RECORD OR BENEFICIAL OWNER OF ORMAT COMMON STOCK AS OF DECEMBER 2, 2020 PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY AS YOUR RIGHTS MAY BE AFFECTED BY PROCEEDINGS IN THE ABOVE REFERENCED LITIGATION.

On March 22, 2021, at 10:00 a.m., the Court will hold a hearing (the “Settlement Hearing”) in the Consolidated Derivative Action, either in person, telephonically or via video.  The purpose of the Settlement Hearing is to determine (i) whether the Settlement is fair, reasonable and adequate (ii) whether a final judgment should be entered and the Consolidated Derivative Action should be dismissed with prejudice pursuant to the Stipulation; and (iii) such other matters as may be necessary or proper under the circumstances.

Any Ormat stockholder that objects to the Settlement shall have a right to appear and to be heard at the Settlement Hearing, provided that he, she or it was a stockholder of record or beneficial owner as of December 2, 2020.  Any Ormat stockholder who satisfies this requirement may enter an appearance through counsel of such stockholder’s own choosing and at such stockholder’s own expense, or may appear on their own.  However, no stockholder of Ormat shall be heard at the Settlement Hearing unless, no later than February 22, 2021, such stockholder has filed with the Court, a written notice of objection containing the following information:

1. Your name, legal address, and telephone number;
2. The case name and number (In re Ormat Technologies, Inc. Derivative Litigation, Case No. 18-cv-0049);
3. Proof of being a Ormat stockholder as of the Record Date, December 2, 2020;
4. The date(s) you acquired your Ormat shares;
5. A statement of each objection being made;
6. Notice of whether you intend to appear at the Settlement Hearing (you are not required to appear);
7. Copies of any papers you intend to submit to the Court, along with the names of any witness(es) you intend to call to testify at the Settlement Hearing and the subject(s) of their testimony; and
8. The identities of any cases, by name, court, and docket number, in which the objector or his, her, or its attorney has objected to a settlement in the last three years.

Only stockholders who have filed and delivered valid and timely written notices of objection will be entitled to be heard at the Settlement Hearing unless the Court orders otherwise.

If you wish to object to the proposed Settlement, you must file the written objection described above with the Court on or before February 22, 2021.

Any Ormat stockholder as of December 2, 2020 who does not make his, her or its objection in the manner provided herein shall be deemed to have waived such objection and shall be forever foreclosed from making any objection to the fairness, reasonableness or adequacy of the Settlement as incorporated in the Stipulation and/or to the separately negotiated attorneys’ fees and expenses to Plaintiffs’ Counsel, unless otherwise ordered by the Court, but shall otherwise be bound by the Judgment to be entered and the releases to be given.

Inquiries may be made to Plaintiff’s Counsel:
Thomas J. McKenna, Gainey McKenna & Egleston, 501 Fifth Avenue, 19th Floor, New York, New York 10017, telephone: 212-983-1300, facsimile:  212-983-0383

PLEASE DO NOT CONTACT THE COURT REGARDING THIS NOTICE
DATED:  December 2, 2020

____________________

¹ This notice should be read in conjunction with, and is qualified in its entirety by reference to, the text of the Stipulation, which has been filed with the United States District Court for the District of Nevada.  A link to the Form 8-K filed with the SEC containing the text of the Stipulation may be found on the Company’s website at the Investor Relations page at https://investor.ormat.com/corporate-profile/default.aspx.  All capitalized terms herein have the same meanings as set forth in the Stipulation. 

Ormat Technologies Contact:
Smadar Lavi
VP Corporate Finance and Head of Investor Relations
775-356-9029 (ext. 65726)
[email protected]