posted
As of December 27, 2005, 25,252,423 shares of common stock were outstanding.
Ask = 0.03 giving a MC of $750k at the ask.
I think this is a strong buy, but we need more DD on the Merging Co.
The Registrant has executed and delivered a letter agreement (the "LA"), dated January 19, 2006, with US Modular, LLC ("USM"). The LA contemplates a business combination (the "Merger") between a to be formed subsidiary of the Registrant and USM, through either a share exchange or a merger. The consummation of the transaction contemplated by the LA is subject, among other things, approval of the members of USM and the Registrant completing a financing (the "Financing") with gross proceeds of $10 million. The Registrant and USM have agreed that Sloan Securities is their exclusive investment banker with respect to the Financing. After the transactions contemplated by the LA, the present shareholders of the Registrant would own approximately 5% of the combined entity, investors in the Financing would own 32% of the combined entity and present members of USM would own approximately 63% of the combined entity.
USM designs and manufactures a comprehensive line of memory modules, storage products and custom solutions for use in medical systems, defense/aerospace, industrial computing, semiconductor systems, enterprise storage, and communications markets. USM specializes in JEDEC standard and semi-custom high-density memory modules, devices, cards, and FLASH drives for customers that require leading edge technology.
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posted
By buying COBN now, you will own only 5% of the post merger company.
2) Result of Transaction. Upon the closing of the Transaction, there shall be a combined entity traded on the OTC:BB which shall have the following proposed capitalization structure:
a) Capital Stock. At the closing of the Transaction, (i) shareholders of COBN (which shall include investors in the Offering - see section 6D) shall own and control an aggregate of 37% of COBN (of which new Investors in the Offering shall own approximately 32% and Old Shareholders of COBN shall own approximately 5%); (ii) the USM Members shall own and control 63% of COBN subject to Section 7 below.
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posted
COBN is now #1 on IHUB boards which in itself doesn't mean a lot except for trading purposes it shows their is still a sizeable interest here. Looking for continuation today . The float supposedly through the TA from an IHUB poster is under around 11M which has been traded already so looking for some upside today. GL
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