The Shyft Group Inc. has recently announced a significant regulatory development. As of July 1, 2025, the company has repaid all outstanding debts and terminated its credit commitments under the Amended and Restated Credit Agreement with Wells Fargo Bank, National Association, and other lenders. This action coincides with the consummation of a merger, leading to a substantial corporate restructuring. Notably, the company's board of directors has undergone changes, with previous members ceasing their roles and new members from the Merger Sub taking their place. Additionally, key executives, including the former CEO John Dunn and Chief Legal Officer Joshua A. Sherbin, have resigned for "Good Reason," entitling them to severance benefits as per the Executive Severance Plan. The company has also amended its articles of incorporation and bylaws following the merger agreement.
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