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GLOW > SEC Filings for GLOW > Form 8-K on 13-Aug-2012All Recent SEC Filings

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Form 8-K for GLOWPOINT, INC.


13-Aug-2012

Entry into a Material Definitive Agreement, Unregistered Sale of Equity Securitie


Item 1.01 Entry into a Material Definitive Agreement

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.



Item 3.02 Unregistered Sales of Equity Securities
The disclosure in Item 1.01 is incorporated herein by reference thereto. The Aggregate Merger Consideration (as defined in the Merger Agreement) will include, among other things, the issuance of 2,650,000 shares of common stock of the Company (the "Registrant Shares"), which number of Registrant Shares may be reduced as set forth in the Merger Agreement. Such Registrant Shares will not be registered under the Securities Act of 1933 (the "Securities Act") at the time of issuance, and therefore may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. For these issuances, the Company intends to rely on the exemption from federal registration under Section 4(2) of the Securities Act.



Item 8.01 Other Events
On August 13, 2012, the Company issued a press release with respect to entering into the Merger Agreement, as described under Item 1.01 of this Current Report on Form 8-K. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.




Item 9.01 Financial Statements and Exhibits
(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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