Scoop to Merge Into 24Store.com
Santa Ana-based Scoop Inc. signed a merger agreement with InfinCom AB and 24Store.com Ltd. that will result in 24Store.com owning 91.7% of the outstanding shares of Scoop, the companies said Monday.
Financial terms weren’t disclosed.
Scoop said Monday it will change its name to 24Store.com.
24Store.com said it is in the process of finishing an institutional private placement of as much as $20 million, and upon completion it intends to file for Nasdaq national market listing.
Scoop’s shares have been trading over-the-counter since the stock was delisted in July from the Nasdaq SmallCap market because of the company’s financial woes.
The company, which designs media reprints and framed layouts of articles from newspapers, magazines and online publications, filed for bankruptcy protection in August. The proposed merger agreement is subject to bankruptcy court approval, Scoop said.
24Store.com Ltd. is a Basingstoke, England-based e-retailer, with more than $63 million in 1998 sales. Its parent, Stockholm-based InfinCom, is traded publicly on the Swedish Exchange.
