On December 20, 2018, Revolution Lighting Technologies, Inc. stated that previously it has announced that RVL 1 LLC, an affiliate of the Company’s Chairman and CEO, Robert V. LaPenta, has proposed to acquire all of the Company’s outstanding common stock and take the Company private. In response, the Board of Directors of the Company formed a Transaction Committee, consisting of each of the Company’s independent directors. The Company also stated that the Transaction Committee has been empowered to review, evaluate, and negotiate the terms of any transaction with LaPenta and/or his affiliates, or any other strategic alternative for the Company, and if the Transaction Committee deems it appropriate, to approve or disapprove any such transaction or strategic alternative.