PenUltimate Merges

PenUltimate Inc., a software company that ceased operations earlier this year, has merged with Sunnyvale-based PenWare Inc. in a reverse stock split and swap giving former PenWare shareholders 90% of the new company’s stock.

PenUltimate said its shareholders exchanged their 16.7 million common shares in return for 250,000 PenWare common shares. PenWare shareholders also received 112,500 newly issued PenUltimate series C preferred shares.

As part of the transaction, PenUltimate’s headquarters moved to Sunnyvale from Irvine, and PenWare’s chief executive, Aziz Valliani, was named PenUltimate’s chief executive. Valliani was also named president of PenWare, which will be a PenUltimate subsidiary.

PenUltimate was a field automation software company that ceased operations March 31 after losing money since going public in December 1993. PenWare manufactures electronic signature transaction systems.