GREENWICH, Conn. and NEW YORK (News release) -- Lapetus Capital II LLC (together with its affiliates, "Atlas"), along with other participants in its solicitation, including BW Coated LLC (together with its affiliates, "Blue Wolf"), own approximately 9.43% of the outstanding common stock in Verso Corporation (NYSE: VRS, the "Company" or "Verso"). Atlas and Blue Wolf announced today that they have filed a definitive proxy statement with the Securities and Exchange Commission in connection with the Company's 2019 Annual Meeting of Stockholders.
Atlas and Blue Wolf have also sent a letter to stockholders outlining their significant concerns regarding the business performance and governance of Verso and why they believe the election of their three highly-qualified nominees to the Board of Directors of Verso (the "Board") is necessary to ensure that the Company is run in the best interests of all stockholders.
Additionally, Atlas has filed a lawsuit in the Delaware Court of Chancery to prevent further delays of the 2019 Annual Meeting of Stockholders in violation of Delaware law and to obtain critical documents to ensure that all stockholders are capable of rendering an informed vote with respect to the proposed sale of the Stevens Point and Androscoggin mills. Atlas has previously requested all of this from the Company, which it has refused to produce.
The full text of the letter is below, and a copy of the lawsuit and other important materials, including Atlas' and Blue Wolf's proxy statement, can be found at www.fixverso.com.