Key Developments: AllDigital Holdings Inc (ADGL.OB)
0.11USD
14 May 2013
$-0.01 (-8.33%)
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15,000
3,159
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Latest Key Developments (Source: Significant Developments)
AllDigital Holdings Inc And Broadcast International, Inc. Agree To Merge
AllDigital Holdings Inc and Broadcast International, Inc. announced that they have entered into a definitive agreement to merge in an all-stock transaction. Under the terms of agreement, AllDigital shareholders will receive a number of shares of Broadcast International common stock representing 54% of the post-closing shares of Broadcast common stock, with both share totals calculated on a modified fully diluted basis. As part of the transaction, Broadcast International will seek shareholder approval for a reverse stock split to be effective prior to closing at a ratio of one post-reverse share for each 10 pre-reverse shares to begin to position the Company for a transition to a exchange such as NYSE MKT LLC (formerly AMEX) or the Nasdaq Capital Market. The combined company will be called AllDigital Broadcasting, Inc. Paul Summers will be the CEO of the new, combined company. Prior to AllDigital, Mr. Summers was CEO and co-founder of VitalStream Holdings, Inc. that was sold to Internap for over $210 million in stock. Tim Napoleon will be the Chief Strategist. Before co-founding AllDigital, Mr. Napoleon was Chief Strategist of Media and Entertainment for Akamai Technologies. John Walpuck will hold the position of COO and CFO. Corporate headquarters will be located in Irvine, California, with a satellite office in Salt Lake City, Utah. Full Article
Aftermarket Enterprises, Inc Announces Name Change-Market News Publishing
Market News Publishing reported that Aftermarket Enterprises, Inc Common Stock has undergone a name change. Aftermarket Enterprises, Inc Common Stock has been changed to AllDigital Holdings, Inc. Common Stock Full Article
Aftermarket Enterprises Inc Mergers With AllDigital Holdings Inc-Market News Publishing
Market News Publishing reported that Aftermarket Enterprises, Inc. has acquired AllDigital, Inc. (AllDigital), an Irvine based technology company, in a tax-free reverse merger transaction (the Merger), and simultaneously closed a private placement of over $1,000,000. AllDigital offers technology and turnkey solutions that enable the secure transport of digital media to multiple connected devices simultaneously. Concurrent with the Merger, Aftermarket announced the closing of a private placement of approximately 2.1 million units of its securities to qualified accredited investors for total gross proceeds of approximately $1.05 million. The private placement included the conversion of $500,000 in bridge financing raised by AllDigital, Inc. in connection with the transactions. Each unit of the private placement was valued at $.50, and consisted of two shares of the common stock of Aftermarket and one warrant. Each warrant entitles the holder to purchase one share of common stock for a three-year period at an exercise price of $.50 per share, and is callable by the Company under certain terms and conditions. Full Article
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