EMerge Considers Merger, Bankruptcy
MSN Money
SEBASTIAN, Fla. (AP) – Food-safety services provider eMerge Interactive Inc. said Tuesday that Prime BioSolutions LLC has not obtained the financing commitments required to complete the merger agreement between the two companies, and eMerge is reviewing other options including bankruptcy.
Under the agreement announced in October, Prime was required to obtain term sheets for $70 million of equity financing by Nov. 15, and definitive commitments for the $70 million of equity financing by Dec. 15, or eMerge could terminate the agreement.
