Applied Nanotech prepares for shareholder vote on merger

Jul 8, 2014
Austin Business Journal

Applied Nanotech Holdings Inc., an Austin-based nanotechnology research and development company, has set an Aug. 22 shareholder meeting for a vote on a proposed merger with Ohio-based NanoHolding Inc


The merger, if approved, would combine the two companies as PEN Inc., a new publicly traded company


According to a statement issued Monday by Applied Nanotech and NanoHolding – the parent company of Nanofilm Ltd., which produces specialty optical coatings, cleaners and nano-composite products – the Applied Nanotech board of directors recommends the merger


The combined company will have the personnel, development facilities, operating facilities and customer relations to develop and commercialize nanotechnology-based products to support revenue growth, the companies announced


Upon completion of the merger, current Applied Nanotech stockholders and holders of certain debt convertible into Applied Nanotech's common stock are expected to own about 38 percent of PEN's outstanding common stock, and owners of Nanofilm are expected to receive about 62 percent of PEN's outstanding common stock, according to the statement


In November 2013, the Austin Business Journal reported on the proposed merger of the two companies. At the time, it was disclosed that the merger merger is conditional upon the two companies obtaining working capital financing, approval from the board and owners of Nanofilm and shareholders



Print Article opens in new window