IVAX Diagnostics (IVD) Announces Amendment to Stock Purchase Agreement with ERBA Diagnostics Mannheim GmbH
IVD Hot Sheet
Revenue Growth %: +3.4%
IVAX Diagnostics, Inc. (NYSE: IVD) announced today that it has entered into an Amendment to that certain Stock Purchase Agreement, dated April 8, 2011, between IVAX Diagnostics and ERBA Diagnostics Mannheim GmbH.
As previously reported, pursuant to the Stock Purchase Agreement, IVAX Diagnostics agreed to sell and issue to ERBA Diagnostics Mannheim a total of 20,000,000 shares of IVAX Diagnostics’ common stock at a purchase price of $0.75 per share for an aggregate purchase price of $15,000,000 and warrants to purchase an additional 20,000,000 shares of IVAX Diagnostics’ common stock, in the following manner: (i) 6,666,667 shares of IVAX Diagnostics’ common stock for an aggregate purchase price of $5,000,000, upon the initial consummation of the investment, which occurred on July 1, 2011 (the “Initial Closing”); (ii) 6,666,667 shares of IVAX Diagnostics’ common stock for an aggregate purchase price of $5,000,000, on or prior to the date which is six months after the Initial Closing (the “Second Closing”); and (iii) 6,666,666 shares of IVAX Diagnostics’ common stock for an aggregate purchase price of $5,000,000, on or prior to the date which is one year after the Initial Closing (the “Final Closing”).
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As previously reported, pursuant to the Stock Purchase Agreement, IVAX Diagnostics agreed to sell and issue to ERBA Diagnostics Mannheim a total of 20,000,000 shares of IVAX Diagnostics’ common stock at a purchase price of $0.75 per share for an aggregate purchase price of $15,000,000 and warrants to purchase an additional 20,000,000 shares of IVAX Diagnostics’ common stock, in the following manner: (i) 6,666,667 shares of IVAX Diagnostics’ common stock for an aggregate purchase price of $5,000,000, upon the initial consummation of the investment, which occurred on July 1, 2011 (the “Initial Closing”); (ii) 6,666,667 shares of IVAX Diagnostics’ common stock for an aggregate purchase price of $5,000,000, on or prior to the date which is six months after the Initial Closing (the “Second Closing”); and (iii) 6,666,666 shares of IVAX Diagnostics’ common stock for an aggregate purchase price of $5,000,000, on or prior to the date which is one year after the Initial Closing (the “Final Closing”).
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