Insulated Shipping Expected to Go Private
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Insulated Shipping Containers investor Frank E. Mars, who holds the equivalent of 46.3% of the Santa Clara-based company, said the firm intends to go private.
In a filing with the Securities and Exchange Commission, Mars said the company was reviewing the possibility of terminating its registration with the SEC to reduce costs.
Mars also said that as a private company, Insulated Shipping “could better allocate its resources and also provide additional opportunities for private financing of the company’s operations.”
Mars also told the SEC that he loaned the company $36,600 in May and June. The loan is convertible into 528,413 company common shares. If Mars converts the loan, he will own 10.37 million Insulated common shares, according to the filing.
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