Perkins Coie represented InfoSonics Corporation in the deal
InfoSonics Corporation (“InfoSonics” or the “Company”) (NASDAQ: IFON) and Cooltech Holding Corp. (“Cooltech”) today announced the successful completion of the merger of the companies effective March 12, 2018. Cooltech is now a wholly-owned subsidiary of InfoSonics and the Company’s common stock will continue to trade on the NASDAQ Capital Market under the stock ticker symbol “IFON.”
Pursuant to the merger agreement, Cooltech shareholders received 1,874,769 InfoSonics shares consisting of 1,241,000 common shares and 633,769 shares of the Company’s 0% Series A Convertible Preferred Stock (“Preferred Stock”) to those Cooltech shareholders who, as a result of receiving common stock, would own in excess of 4.99% of the Company’s common stock after the merger, in exchange for each share of the Cooltech’s capital stock outstanding immediately prior to the merger.
In addition, in accordance with the terms of a Securities Purchase Agreement, dated as of August 3, 2017 between the Company and certain accredited investors, the Company issued an aggregate of 175,000 shares of common stock and 175,000 warrants to purchase 175,000 shares of common stock in exchange for an aggregate of $1.75 million in cash.
InfoSonics now has approximately 2,726,000 shares outstanding, which includes 633,769 shares underlying Preferred Stock.
InfoSonics Corporation distributes wireless handsets and accessories in the United States and Mexico. The Company, led by Mauricio Diaz, Alfredo Abdeljalek Carrasco and Reinier Voigt, also distributes products in other portions of North, Central, and South America. In 2017 InfoSonics recorded $23.4 Million Revenues.
Perkins Coie represented InfoSonics Corporation with a team including David Katz (Picture), Jason Day, Sonny Allison, Carl Crow and Cory Smith.
Law Firms: Perkins Coie;
Clients: InfoSonics Corporation;