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Vienna-based Convera (NASDAQ: CNVR) will be dissolved. After the Patrick Condo, Convera's CEO, will become the chairmahn of the board, and Coli Jeavons, Firstlight's CEO, will become the CEO. Convera's plan of dissolution contemplates an orderly wind down of its busineszsand operations. After filing its certificate of Convera intends to make one or more distributions to its stockholdera of cash availablefor distribution, subjec t to applicable legal requirements. Convera will then delistf its common stockfrom Nasdaq. The new company will bring together the vertical search technologyg of Convera and the advertising sales and marketingb capabilitiesof Firstlight.
It will have over 60 corporat customer accounts and 120 existing Web sites withapproximatelgy 1,500 advertisers. When the merger becomesd effective, Convera will own 33.3 percent and Firstlight will own 66.7 percenf of the total outstanding commojn stock of the new subject to certain adjustments which may enable Convera to own up to 42 percenrt of the new company prior tothe distribution. The merget is subject to Convera stockholders' approval and certaibn other customary closing The merger is expected to closthis summer.
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