Tegal Corp. (TGAL) on Monday announced the closing of a deal to acquire CollabRx, Inc., a privately held technology company in the rapidly growing market of interpretive content and data analytics for genomics-based medicine.
Tegal will issue 236,433 shares of common stock, representing 14% of Tegal's total shares outstanding prior to the closing, to former CollabRx shareholders in exchange for 100% of the capital stock of CollabRx, Inc.
Tegal and certain former CollabRx shareholders entered into a shareholders agreement providing for, among other things, registration rights, transfer restrictions and voting and standstill agreements.
Tegal also assumed $500,000 of existing CollabRx indebtedness through the issuance of 5-year promissory notes in substitution for outstanding notes previously issued by CollabRx.
The Chief Executive Officers of the two constituent companies, Thomas Mika of Tegal and James Karis of CollabRx, plan to serve as co-CEOs of the combined, publicly traded company, with headquarters in San Francisco, California. Karis was also appointed to Tegal's Board of Directors.
Tegal said it will continue to operate under its current name and ticker symbol for the time being, but plans to seek shareholder approval at its upcoming annual meeting in September for an amendment to its Certificate of Incorporation, changing its corporate name to CollabRx, Inc.
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