Abacast, Inc. cancelled the acquisition of AllDigital Holdings, Inc. in a reverse merger transaction.
January 23, 2014 at 11:00 pm EST
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Abacast, Inc. made an offer to acquire AllDigital Holdings, Inc. (OTCBB:ADGL) in a reverse merger transaction on January 12, 2014. As per the terms of the offer, AllDigital shareholders would own 38% and Abacast shareholders would own 62% of the common stock of the combined company, excluding options and warrants. Per share consideration, exchange ratios, option pools, etc. will be determined following a due diligence process. The offer is subject to the negotiation of a definitive merger agreement, conducting confirmatory due diligence and obtaining equity financing. It is also subject to Abacast receiving management control of the combined company, the negotiation of severance payouts to certain executive officers, the execution of releases from liability in light of multiple SEC filings breaches, damages, reserved rights, etc. associated with the failed Broadcast International merger. On January 24, 2014, AllDigital's Board of Directors rejected the offer.
Abacast, Inc. cancelled the acquisition of AllDigital Holdings, Inc. (OTCBB:ADGL) in a reverse merger transaction on January 24, 2014.
AllDigital Holdings, Inc. (AllDigital) is a software as a service (SaaS) company. The Company offers various solutions, which include enterprise, small and medium businesses, original equipment manufacturer (OEM) and resellers, corporate applications, media and entertainment, and integration services. The Company develops Brevity, which is a software product. Brevity is a solution with various features, including file transport, transcoding and workflow management. It offers AllDigital Brevity Cloud, which is a platform that uploads, transcodes and delivers video files. It offers AllDigital Brevity Pro, which is a software for the on-premise appliances wanting to either encode, upload or deliver video locally or connect to other physical or virtual locations. It offers various technologies, such as AllDigital Brevity Application Programming Interface (API), AllDigital Cloud, Azure Cloud, Level 3 Video Player, White Paper, Video Transcoding Software and Video Compression Software.