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Monster Digital and Innovate Biopharmaceuticals Extend Outside Closing Date for Merger
Monster Digital and Innovate Biopharmaceuticals Extend Outside Closing Date for Merger.
About this update from 9 Meters Biopharma, Inc.
[{"type":"text","content":"\n\n SIMI VALLEY, CA , Jan. 29, 2018 (GLOBE NEWSWIRE) -- \n Monster Digital, Inc. (\"Monster Digital\" or the \"Company\") and Innovate Biopharmaceuticals, Inc. (\"Innovate\") today announced that they have agreed to extend the outside closing date (the \"Closing\") of their previously announced reverse merger (\"Merger\").  The Company and Innovate have amended the merger agreement to provide that the outside termination date for the Merger will be January 29, 2018. As previously disclosed, following the Closing, Innovate will become a wholly owned subsidiary of Monster Digital, and Monster Digital, as the parent of the surviving company, will be renamed \"Innovate Biopharmaceuticals, Inc.\" Innovate stockholders will own the substantial majority of shares of the combined company after the transaction. The common stock shares of the combined company will trade under the symbol INNT. As previously disclosed, immediately prior to the effective time of the Merger, there will be a spin-off transaction (the \"Spin-Off\"). Previously, all of the business, assets and certain of the liabilities of Monster that are not assumed by Innovate in connection with the Merger were transferred into a wholly-owned subsidiary of the Company, MD Holding Co., Inc. (\"Holdco\"). Further to the Spin-Off, holders of record of the Company's common stock immediately prior to the effective time of the Merger will receive a pro rata distribution of one share of Holdco's private company common stock for each share of Monster common stock held. About Monster Digital, Inc. Monster Digital develops, markets, and distributes Monster-branded products for use in high-performance consumer electronics, mobile products and computing applications. The Company designs and engineers premium action sports cameras and accessories, in addition to advanced data storage and memory products for professionals and consumers. Monster Digital is a registered trademark of Monster Products, Inc. in the U.S. and other countries. For more information about the company, please visit http://www.monsterdigital.com About Innovate Biopharmaceuticals, Inc.: Innovate is a clinical stage biotechnology company focused on developing novel autoimmune/inflammation therapeutic drugs. Innovate's lead drug candidate, larazotide acetate (INN-202), has successfully met its primary endpoint...