- GBS ( NASDAQ: GBS ) said Tuesday it acquired Intelligent Fingerprinting (IFP), expanding the GBS platform of rapid, non-invasive diagnostic testing technologies and its geographical reach.
- GBS also began the process of changing its corporate name.
- GBS issued ~3M shares and ~2.4M series C convertible preferred shares to IFP shareholders.
- Up to 1.6M preferred shares have been reserved for issuance to IFP's shareholders and lenders.
- Each preferred share is convertible into three GBS shares.
- Former IFP shareholders entered into a 12-month lock-up agreement on sales of GBS shares and preferred stock issued under the deal.
- Former majority IFP shareholders have the right to name two board members to GBS' board.
- With the acquisition, GBS gains access to IFP's product portfolio, current customer base, and manufacturing facility in the U.K. - which complements GBS' development of its own facility at the University of Newcastle, Australia.
- GBS in Jun. announced an exclusive deal to acquire IFP .
For further details see:
GBS acquires Intelligent Fingerprinting in all-stock deal