Schmitt Industries slips on reverse merger, spinoff plans

Schmitt Industries

20/07/2022 14:57

** Shares of industrial equipment maker Schmitt Industries
Inc  SMIT.O  down 7.8% at $4.32 in premarket trade
    ** Shares up after co enters non-binding term sheet for an
all-stock reverse merger with helium producer Proton Green
 urn:newsml:reuters.com:*:nPn6X4x1za
    ** Co also announced plans spin off of its Ample Hills
creamery business
    ** Under the merger, Proton Green would become a unit of
combined co. The new entity will be renamed "Proton Green
Corporation", and will trade on the Nasdaq under a new symbol
    ** Co expects Proton Green shareholders to own about 95%,
while Schmitt shareholders will own rest of the combined co
    ** Co also says it intends to transfer $10 million to its
Ample Hills business in connection with the spin-off
    ** Up to last close, SMIT fell 13.5% this year

 (Reporting by Nandhini Srinivasan in Bengaluru)
 ((Nandhini.srinivasan@thomsonreuters.com))