Nematron shareholders OK planned sale to third party
Nematron Corp. reports that its shareholders have overwhelmingly approved a plan to sell the company's assets to an undisclosed third party for $12.6 million, including an assumption of its liabilities. Following the affirmative vote at its Jan. 13 annual meeting, Nematron immediately sought to finalize the net asset purchase.
Ann Arbor, MI — Nematron Corp. reports that its shareholders have overwhelmingly approved a plan to sell the company’s assets to an undisclosed third party for $12.6 million, including an assumption of its liabilities. Following the affirmative vote at its Jan. 13 annual meeting, Nematron immediately sought to finalize the net asset purchase. Once the sale is completed, Nematron’s day-to-day operations will continue as a private company owned by the third party.
Meanwhile, the company’s shareholders will continue to own shares of Nematron’s publicly traded shell, which will be renamed Sandston Corp., and will have Dorman Industries as its new majority shareholder. The shareholders also voted to approve Dorman’s purchase of Nematron shares at their meeting.
More than 99% of the shares voted were in favor of the five proposals contained in Nematron’s definitive proxy statement. Shareholders also elected directors, amended Nematron’s articles of incorporation; and authorized a reverse stock split.
AMEX delists Nematron
In other news, the company reports that it has been notified by the American Stock Exchange (AMEX) that a Jan. 5 AMEX staff determination found Nematron is below AMEX’s continued listing standards due to sustained financial losses and shareholder equity being below listing requirements. Nematron reports that it has decided not to appeal AMEX’s staff determination. As a result, Nematron’s common stock stopped trading via AMEX on Jan. 14, 2004. It is expected that AMEX will seek to remove Nematron’s common stock from listing and registration with AMEX.
Nematron’s common stock is now trading on the OTC Bulletin Board (OTCBB). OTCBB is a regulated quotation service that displays real-time quotes, last sale prices, and volume information in over-the-counter equity securities.
For more information, including quotes, visit www.otcbb.com .
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