September 6, 2017 / 11:51 AM / 10 months ago

BRIEF-WPCS will acquire Dropcar in an all-stock transaction

Sept 6 (Reuters) - WPCS International Inc:

* Says merged co's stock to trade on NASDAQ capital market under ticker symbol to be announced at later date

* WPCS and Dropcar announce definitive merger agreement

* Says ‍upon closing of transaction, merged company will operate under Dropcar name​

* Says co and Dropcar have entered into a definitive merger agreement whereby WPCS will acquire Dropcar in an all-stock transaction

* Says transaction, which has been approved by board of directors of both companies, is expected to occur in Q4 of 2017​

* Says Dropcar's co-founder and CEO, Spencer Richardson will assume role of CEO of merged entity​

* Says following deal current stockholders of WPCS are expected to own approximately 15% of outstanding common stock of WPCS Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below