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VeriChip (CHIP) Indicated Higher on Sale of Xmark for $45M
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VeriChip Corporation (NASDAQ: CHIP) is indicated to open higher this morning after the company entered into a definitive stock purchase agreement with The Stanley Works (NYSE: SWK) for the sale of its wholly-owned Canadian subsidiary, Xmark Corporation, for $45 million in cash.
Following the completion of the sale of Xmark to Stanley, the Company will retire all of its outstanding debt. The Company expects to realize net proceeds, after retiring its outstanding debt, paying transaction related costs, and other contractual commitments, of approximately $21.4 million. Under the terms of the stock purchase agreement, $4.5 million of the proceeds will be held in escrow for a period of 12 months. The Company intends to fund a special dividend to stockholders estimated to be at least $15 million.
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