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| GLOW > SEC Filings for GLOW > Form 8-K on 13-Aug-2012 | All Recent SEC Filings |
13-Aug-2012
Entry into a Material Definitive Agreement, Unregistered Sale of Equity Securitie
On August 12, 2012, Glowpoint, Inc., a Delaware corporation (the "Company"), entered into an Agreement and Plan of Merger (the "Merger Agreement"), by and among the Company, GPAV Merger Sub, Inc., a Delaware corporation ("Merger Sub"), and Affinity VideoNet, Inc., a Delaware corporation ("Affinity"), whereby Merger Sub will merge with and into Affinity (the "Merger") on the terms and subject to the conditions set forth in the Merger Agreement, at which point Affinity will become a wholly-owned subsidiary of the Company. Under the terms and conditions of the Merger Agreement, at the effective time and as a result of the Merger, the Company will acquire Affinity for $7,750,000 in cash, a $2,750,000 note and 2,650,000 shares of common stock of the Company.
The consummation of the Merger is subject to various conditions, including, but not limited to, (i) the accuracy of the representations and warranties with respect to certain matters, and (ii) the consummation of certain debt financing relating to the transaction. The Merger Agreement also contains customary representations, warranties and indemnification provisions.
The Merger Agreement also contains a "no solicitation" provision pursuant to which Affinity and its representatives are not permitted to directly or indirectly, (a) solicit, initiate or knowingly encourage (including by way of furnishing or disclosing information) any inquiries or the making of any proposal with respect to any merger, consolidation or other business combination involving Affinity, any of its equity interests or any material portion of its assets or the issuance of any of its equity interests (each an "Alternative Transaction"), (b) negotiate, explore or otherwise participate or engage in discussions with any person or entity (other than the Company), or enter into any agreement, indication of interest, letter of intent or term sheet, in each case, with respect to or relating to any Alternative Transaction or (c) enter into any agreement, indication of interest, letter of intent or term sheet with any person or entity requiring it to abandon, terminate, frustrate or fail to consummate the Merger.
The foregoing summary of the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the Merger Agreement, a copy of which is filed herewith as Exhibit 2.1 and is hereby incorporated herein by reference.
(d) Exhibit No. Description 2.1 Agreement and Plan of Merger dated August 12, 2012 99.1 Press Release dated August 13, 2012 |
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