As previously announced, NII Holdings, Inc. completed the sale of its wireless operations in Brazil on December 18, 2019 and confirmed its plan to dissolve following the closing of the Transaction. On December 19, 2019, the Board of Directors of the company determined that in connection with the closing of the Transaction and the dissolution of the Company, it is in the best interests of the company to further streamline the company's expenses and approved a workforce reduction that will result in the termination of all but three active employees by March 2, 2020. As a result, Daniel Freiman, Acting Principal Executive Officer and Chief Financial Officer, has been provided with a target severance date of March 1, 2020.

Following Mr. Freiman's departure, Timothy Mulieri, currently Vice President, Corporate Controller and Principal Accounting Officer of the Company, will serve as Vice President, Chief Financial Officer of the Company.