Brief: Genifi Announces Revisions To Proposed Privatization

genifi

22/04/2024 22:55

April 22 (Reuters) - genifi inc  GNFI.V :
    * GENIFI ANNOUNCES REVISIONS TO PROPOSED PRIVATIZATION
    * GENIFI INC - UPON COMPLETION OF TRANSACTION, BECKERMAN IS
EXPECTED TO BE SOLE SHAREHOLDER OF COMPANY, WHICH WILL THEN BE
DELISTED FROM EXCHANGE
    * GENIFI INC - ENTERED INTO AN AMENDED AND RESTATED DEAL
WITH TOM
BECKERMAN IN CONNECTION WITH PREVIOUSLY DISCLOSED PROPOSAL
    * GENIFI INC - TRANSACTION WILL BE EFFECTED BY WAY OF A
78,000,000-TO-1 SHARE CONSOLIDATION OF ALL OF OUTSTANDING COMMON
SHARES OF COMPANY
    * GENIFI INC - CONSIDERATION PAYABLE TO SHAREHOLDERS UPON
COMPLETION OF TRANSACTION WILL BE FROM COMPANY'S CASH ON HAND
    * GENIFI INC -  PURSUANT TO AGREEMENT CONSIDERATION HAS
INCREASED
FROM $0.01 PER PRE-CONSOLIDATION SHARE TO $0.0115 PER
PRE-CONSOLIDATION COMMON SHARE
    * GENIFI INC - ONLY BECKERMAN WILL REMAIN AS A SHAREHOLDER
OF
COMPANY

Source text for Eikon:  ID:nCNWHfgdNa 
Further company coverage:  GNFI.V 

 (Reuters.Briefs@thomsonreuters.com)