Friday, Workstream Inc., (WSTM), a provider of talent management solutions, announced that it has terminated its merger agreement with Empagio Acquisition LLC and SMB Capital Corporation, a wholly-owned subsidiary of payroll software provider Empagio.
The company said it has demanded a payment of a $5 million termination fee from Empagio pursuant to the terms of the agreement.
Earlier, in mid-February, Workstream and Empagio signed a definitive agreement to merge Workstream with the operating holding company of Empagio. According to the agreement, Empagio would own 75% and Workstream would own 25% of the combined entity on a fully diluted basis.
Workstream closed Friday's regular trading session at $0.32, down $0.0298 or 8.52%.
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