Brief: Internet Patents and Prism Technologies sign definitive merger agreement

Prism Technologies

11/11/2014 21:05

Nov 11 (Reuters) - Internet Patents Corp  PTNT.O : 
 * Internet Patents Corporation and prism technologies sign definitive merger 
   agreement 
 * Says in exchange for all of the outstanding equity of prism, ipc will pay 
   $16.5 million in cash 
 * Says prism's former security holders will receive 70% of subsequent prism 
   patent proceeds, up to $55 million 
 * Prism's former equity owners are expected to own approximately 31% of the 
   outstanding common stock of the combined company 
 * Following deal, prism will be wholly owned by ipc and will operate the patent 
   licensing business for all prism and ipc patents 
 * Ipc will also issue 3.5 million shares of its common stock to prism security 
   holders at deal closing 
 
 * Source text for Eikon  ID:nMKWglwmza  
 
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