QMKR merger closing by July 31st with UBID:
ncumaker and uBid Holdings Extend Closing DatePress Release | 05/30/2018
Atlanta, May 30, 2018 (GLOBE NEWSWIRE) -- Incumaker, Inc. (OTC Pink: QMKR) provided a shareholder update on the progress of the Agreement and Plan of Merger with uBid Holdings Inc. (“UBID”). As previously announced, UBID would merge with and into Incumaker and Incumaker would be the surviving corporation. Under this Alternative Public Offering, or “APO” transaction, shareholders of UBID would own 90% of the issued and outstanding shares of the newly combined company. Incumaker will seek to change its name to “uBid Holdings Inc.” as well as its ticker symbol post-merger to better reflect the company’s new technology related business model. Under the terms of the merger agreement, UBID’s current officers and directors would become the officers and directors of the newly combined company.
Ketan Thakker, UBID’s Chief Executive Officer, stated: “Due to the complexity and the magnitude of this type of merger, the financial audit is taking a bit longer to complete than anticipated. Accordingly, both companies have mutually agreed to extend the merger timeline through July.”
“We remain excited about the planned merger, and our focus continues to be taking the necessary steps to close the contemplated transaction,” Darren Bankston, CEO of Incumaker, commented.
Under the initial terms of the Agreement and Plan of Merger, Incumaker and UBID were to close the merger by May 31, 2018. This has now been extended to July 31, 2018. The closing of the transaction is subject to UBID completing the acquisition of Sky Auction and having the financing to consummate a second acquisition, and other customary conditions, including approval by the shareholders of both companies.
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