Applied Nanotech to change name after merger
Nov 12, 2013
Austin Business Journal
Applied Nanotech Holdings Inc. (OTCQB: APNT) will merge with another nanotechnology sector company and re-emerge under a new name
Austin-based Applied Nanotech, a nanotechnology research and development company, will conduct a reverse merger with Valley View, Ohio-based Nanofilm Ltd., which produces specialty optical coatings, cleaners and nano-composite products, after which Nanofilm shareholders will own 62 percent of the combined entity. A letter of intent for the deal was signed on Oct. 31, Applied Nanotech said in a U.S. Securities and Exchange Commission filing
The new combined company will still be publicly traded, and will change its name to PEN Inc.
The closing of the proposed merger is conditional upon APNT and Nanofilm obtaining working capital financing as well as approval by the respective boards of directors and owners of Nanofilm. In addition, APNT shareholders must also vote to approve the merger
APNT shares closed Monday at 3 cents; the company's total market capitalization is about $4.2 million