NEW YORK (GenomeWeb News) – Life Technologies today filed documents with the US Securities and Exchange Commission registering 2,370,586 shares of common stock that may be sold from time to time by shareholders.
The shares were issued to the selling stockholders as part of Life Technologies' acquisition of BioTrove in November 2009.They received the shares as part of private placements in December and January.
Life Technologies will not receive any of the proceeds from the sale of the shares that have been registered for this offering.
The firm noted in the prospectus that, under terms of the merger agreement with BioTrove, Life Technologies is required to make earn-out payments to the selling stockholders if cumulative revenue related to the sale of certain assets exceeds a specified amount over the three-year period following the close of the acquisition. If the maximum earn-out is achieved, Life Technologies would issue 1,676,359 shares of common stock.