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Vienna-based Convera (NASDAQ: CNVR) will be After the merger, Patrick Condo, Convera'sa CEO, will become the chairmab of the board, and Colin Jeavons, Firstlight's CEO, will become the CEO. Convera's plan of dissolution contemplates an orderlyt wind down of its businessand operations. Afte r filing its certificate of dissolution, Converw intends to make one or more distribution to its stockholders of cash available for distribution, subject to applicable lega l requirements. Convera will then delist its common stocmkfrom Nasdaq. The new company will bring together the vertical search technology of Convera and the advertising sale and marketing capabilitiesof Firstlight.
It will have over 60 corporatse customer accounts and 120 existint Web sites withapproximatelyy 1,500 advertisers. When the merger becomes Convera willown 33.3 percent and Firstlight will own 66.7 percenrt of the total outstanding common stock of the new company, subjecty to certain adjustments whichh may enable Convera to own up to 42 percent of the new compan prior to the distribution. The merger is subjecft to Convera stockholders' approval and certain othe r customaryclosing conditions. The mergerf is expected to closethis summer.
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