Therma Bright Inc. cancelled the acquisition of ClearTouch nail phototherapy device and no!no! skin phototherapy device from ICTV Brands Inc..
ClearTouch nail phototherapy device and no!no! skin phototherapy device have generated approximately $3 million of revenue and approximately $1.8 of free cash flow in 2016. The transaction is conditional upon the execution of a definitive share purchase agreement and completion due diligence by December 31, 2017. As on December 12, 2017, the due diligence investigation date has been extended to January 15, 2018. On January 30, 2018, The Therma Corporation completed due diligence. The transaction is expected to close on January 31, 2018. On December 12, 2017, expected closing date has been extended to February 15, 2018. As on January 30, 2018, the deal is expected to close on February 28, 2018. The acquisition will be immediately accretive to Therma upon closing. The transaction is subject to regulatory approval and completion of a financing. As on March 6, 2018, acquisition is subject to customary closing conditions, including completion of business, accounting and legal due diligence investigations; the receipt of all authorizations, consents and approvals of all governmental authorities or agencies; the receipt of any required consents of any third parties; the receipt of an opinion from counsel to the ICTV; and financing obtained by Therma Bright and is expected to close on April 1, 2018. Tuba Yamac of BCF LLP acted as legal advisor of Therma.
Therma Bright Inc. (TSXV:THRM) cancelled the acquisition of ClearTouch nail phototherapy device and no!no! skin phototherapy device from ICTV Brands Inc. (OTCPK:ICTV) on April 27, 2018.