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N2 Biomedical LLC Announces Acquisition Of Spire Corp's Biomedical Business-Form 8-K


Tuesday, 24 Sep 2013 05:18pm EDT 

Spire Corp reported in its Form 8-K that on September 18, 2013, Spire Corporation (Company), Spire Biomedical, Inc. (Subsidiary and together with the Company, Spire) entered into an Asset Purchase Agreement with N2 Biomedical LLC (N2) pursuant to which N2 agreed to acquire substantially all of the assets of Spire's biomedical business and assume and pay certain liabilities related to the purchased assets as set forth in the Purchase Agreement. The Transaction closed on September 18, 2013. The purchase price for the Business was $10.5 million plus the assumption of liabilities of approximately $0.1 million, with $6.0 million paid in cash at closing, a $2.4 million subordinated convertible promissory note, and 310,549 Series A Preferred Units of N2 valued at approximately $2.1 million ($6.72 per share). The parties determined the purchase price through negotiation, as well as the parties' determination of fair market value of, and solicitation of third party bids on, the Business. 

Company Quote

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23 Oct 2014