Kerr Utility Technologies Inc. cancelled the acquisition of Trex Acquisition Corp. from KCG Holdings Inc., Asset Management Arm in a reverse merger transaction.
The deal is subject to all of Trex's creditors holding notes shall convert or exchange their notes for Trex common stock shares, Kerr shall deliver its audited financial statements for the stub period ended 2013 and the fiscal year ended June 30, 2014, Trex will adopt a stock incentive plan to create a pool of options representing approximately 10% of the fully diluted shares issued and outstanding on an as converted common stock equivalent basis, negotiating and drafting of definitive agreements, obtaining all necessary Board of Director and shareholder approval, third party consents, regulatory review by the SEC and satisfactory completion of due diligence of Trex and Kerr. The Board of Directors of Trex has approved the transaction. In case Kerr fails to deliver its audited fnancial statements, the proceeds of $0.5 million will be held in escrow until the Kerr audited financial statements have been delivered.
Kerr Utility Technologies Inc. cancelled the acquisition of Trex Acquisition Corp. (OTCPK:TRXA) from KCG Holdings Inc., Asset Management Arm in a reverse merger transaction on May 5, 2015.