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Lilis Energy Chairman David Wood Resigns; Successor Tapped
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Lilis Energy, Inc. reported that David M. Wood has resigned as Chairman of the Board and a director of the company, citing personal reasons.
The board of directors of the Company today appointed current director Michael G. Long as Chairman of the Board.
The Board of Directors also appointed Mr. Long as chairman of the special committee of the Board of Directors previously appointed to review and evaluate strategic alternatives of the Company, including the previously announced non-binding offer of Värde Partners, Inc., on behalf of certain of its affiliated private funds and investment vehicles, proposing to acquire all of the outstanding shares of common stock of the Company not owned by Värde for $0.25 per common share, which offer was extended on February 28, 2020 to March 18, 2020. The special committee has continued active discussions with Värde regarding its proposal through the recent market dislocation.
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