Synovus Financial Corp. and Pinnacle Financial Partners, Inc. Merger Update and Litigation

Synovus Financial Corp. and Pinnacle Financial Partners, Inc. have provided an update on their proposed merger, which involves both companies merging into a newly formed entity, Steel Newco Inc. The merger, approved by the boards of both companies, is set to be finalized following a special meeting of stockholders on November 6, 2025. However, the merger has faced legal challenges, with three lawsuits filed alleging deficiencies in the joint proxy statement/prospectus. Synovus and Pinnacle have denied these claims but have agreed to supplement the joint proxy statement/prospectus to avoid potential delays. The supplemental disclosures include updates to financial analyses and other relevant information. The companies remain committed to completing the merger and believe the claims are without merit.