Uroplasty and Vision-Sciences shareholders will vote on the proposed all-stock merger deal between the two companies on March 30, according to a regulatory filing.
Under the merger agreement, Uroplasty shareholders will receive 3.6331 shares of Vision-Sciences stock for each Uroplasty share. After the merger, Uroplasty shareholders will hold a 62.5% stake in the combined company, with Vision-Sciences shareholders holding the remaining 37.5%.
The merger vote will be restricted to shareholders of record as of Feb. 20, 2015.
Following the merger, the combined company will be known as Congentix Medical, with shares trading on the Nasdaq markets under the symbol “CGNT.”
The new company will be headquartered in Uroplasty’s current headquarters of Minnetonka, Minn. Uroplasty CEO Robert Kill will serve as chief executive.
The merger is expected to close during the first half of 2015.
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