The approval of the combination proposal was announced during the special shareholder meeting held in Dallas based on preliminary vote results. The transaction is expected to close next week.
“Over 97% of the shares voted were in favor of the combination,” said Robert Rondstadt, chairman of the APNT Board of Directors. “It’s gratifying to see that these shareholders overwhelmingly support the new direction the company is taking with the creation of PEN Inc.”
“Now we can set in motion our growth strategy of developing and commercializing advanced-performance products enabled by nanotechnology,” noted Scott Rickert, CEO of Nanofilm, who will become the CEO of PEN. “The teams in both companies are eager to roll up their sleeves and get to work.”