Clearly the merger did not happen on time... there were ample provisions for delays, extensions and right to cure clause in the contract...this is not a surprise that it has not settled yet... and may be part the negotiations on Shoria part or failure on Neahs still to early to count it out yet.... still waiting it could well be like the DRDO testing which took a year.. So if they are still working on the deal as per the filing they most likely do not need to file anything...
The point is they were willing to take neah stock for 66 percent of the deal, so they must have seen the neah tech up close...
No word the the Shoria website... they would be the first to publish the failure.. there must be a considerable mutual benefit that might require adjust to the deal and like a 15 day average share price that is moving...the details of the deal are online...
David Radford, CEO of Shorai, Inc stated, "Shorai is poised for a leap in growth, and we are thrilled to have the backing and technology of Neah Power Systems to help drive our success. In the very near term, Shorai will introduce exciting new control technology in 2015 to increase our lead in lithium power battery performance. Also near production is an all-new Shorai product that addresses wider markets in motorcycle, automotive and military sales channels. Going forward Shorai manufacturing, distribution, and marketing expertise will complement Neah's patented fuel cell technologies, and together open a wide range of sales opportunities in the defense, commercial and consumer markets. The match has very clear synergies which will foster products and profitability for both companies, far beyond what either could accomplish alone."
