Merge to cede 5 board seats to Merrick in $20M accord

May 2008
Diagnostics & Imaging Week;5/29/2008, Vol. 11 Issue 22, p3
The article reports on a securities purchase agreement of Merge Healthcare with Merrick RIS for $20 million financing through a private placement. Merge plans to sell a $15 million senior secured term note due 2010 and 6,800,000 shares of the company's common stock as partial consideration for the term note and 14,285,715 of common stock at a price per share of $3.5. Merrick will have the right to appoint five persons to replace five of the 11 current directors on Merge's board of directors, as part of the agreement.


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