NEW YORK (GenomeWeb News) – Telechem International, the microarray and scanner manufacturer also known as Arrayit, has signed a definitive agreement to merge with publicly traded digital communications firm Integrated Media Holdings in a deal worth roughly $23.1 million.
Houston-based Integrated Media Holdings currently trades on the OTC Bulletin Board, and at the close of the market yesterday traded at $.022 per share. However, IMH’s board has approved a 1 for 30 reverse split of the stock, which would up its price to $.66 per share.
IMH agreed to acquire Telechem in exchange for 35 million post-split shares, which gives the transaction a value of $23.1 million. As a result of the merger, shareholders of privately held Telechem will own 64.95 percent of the outstanding shares of the merged company.
It is unclear whether the combined entity will retain IMH’s name or Telechem’s name.
“We believe this will enhance our ability to access capital and further the growth strategy as a leader in the biotech niche we serve,” Rene Schena, CEO of Sunnyvale, Calif.-based Telechem, said in a statement.