InfoSonics (NASDAQ: IFON) is trading 39% higher following early news of the company’s definitive merger agreement to acquire Cooltech Holding Corp. Cooltech is an Apple licensed partner and reseller that operates as a vertically integrated company combining a distribution business with a growing retail footprint under its OneClick branded stores. Cooltech will become a wholly owned subsidiary of InfoSonics in exchange for 62.5 million shares of InfoSonics common stock upon closing of the merger transaction. The company expects to close the transaction in the fourth quarter of 2017, subject to approval by InfoSonics’ shareholders. “We believe this merger represents an accretive opportunity for InfoSonics shareholders to participate in Cooltech’s growth and maximize the value of our NASDAQ-listed company with several synergies between our businesses,” InfoSonics president and CEO Joseph Ram stated in the news release.
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About InfoSonics Corporation
InfoSonics is a San Diego-based manufacturer and provider of wireless handsets, tablets and related products to carriers, distributors and retailers in Latin America under the verykool® brand. The company is committed to delivering quality products with innovative designs that appeal to consumers and offer exceptional value. Additional information can be found on its corporate websites at www.infosonics.com and www.verykool.net.
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