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Pyrosequencing to Hold General Meeting in Sept. on Personal Chemistry Question

NEW YORK, Aug. 22 (GenomeWeb News) - Pyrosequencing's board called today for a general meeting to be held Sept. 25 to decide on the issuing of over 23 million shares of stock in the newly acquired Personal Chemistry.

 

Uppsala, Sweden-based Pyrosequencing announced on Aug. 7 that it had agreed to buy 94.1 percent of Personal Chemistry's shares and to purchase the remaining shares through a separate agreement with the holders of options in Personal Chemistry (see article). Personal Chemistry is also based in Sweden.

 

At the meeting, Pyrosequencing's board will propose that the company issue a maximum of 23.2 million ordinary shares, debentures with a maximum of 11.5 million warrants, and an authorization for the board to issue additional shares and debentures with warrants to remaining stockholders in the future.

 

Once the merger is finalized, Personal Chemistry's shareholders will control 40 percent of the share capital and votes in Pyrosequencing.

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