To: PCModem who wrote (37142 ) 5/28/1999 2:00:00 AM From: wonk Read Replies (1) | Respond to
Having difficulty staying on topic? The topic is PABN. lame Sorry, this was not an acquisition. If you review what you wrote, I think you'll see that some of it is based on a the mechanics of an acquisition, not a merger or reverse merger. #reply-9762520typical and representative audit language describing a "reverse merger." Note that the term "reverse merger" is not in the text.The Company and [ ] completed an Agreement and Plan of Reorganization whereby the Company issued 1,477,500 shares of its common stock in exchange for all the outstanding shares of [ ]. Immediately prior to the Agreement and Plan of Reorganization, the Company had 600,000 shares of common stock issued and outstanding.acquisition was accounted for as a recapitalization of [ ] because the shareholders of [ ] controlled the Company after the acquisition. There was no adjustment to the carrying value of the assets or liabilities of [ ] in the exchange. The Company is the acquiring entity for legal purposes and [ ] is the surviving entity for accounting purposes.
