Datapower Agrees to Merge as Subsidiary
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Datapower Inc., a Santa Ana manufacturer of power supplies for computer and lighting systems, said it has agreed to merge, as a wholly owned subsidiary, into a privately held New Jersey firm.
Under the agreement, Opt Industries, also an electronics supplier, will trade Datapower stockholders .01133 shares of Opt common stock in exchange for each share of Datapower common stock.
Related to the merger, Revere AE Capital Fund Inc. agreed to convert a $2.5-million Datapower note into 6,614,057 shares of the company’s common stock at a rate of .378 cents a share.
Datapower stock closed at .375 cents a share on Monday, trading 13,000 shares in the over-the-counter market.
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