Olshan Represents EMRISE Corporation in Agreement to Sell its Electronic Devices Business Unit to Data Device Corporation
EMRISE Corporation (OTCQB: EMRI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, announced that it has entered into a stock purchase agreement with an affiliate of Data Device Corporation to sell all of the issued and outstanding shares of common stock of the Company’s wholly owned subsidiary, EMRISE Electronics Ltd., for a cash purchase price of $22 million, net of debt and transaction expenses and a working capital adjustment. The Company also announced plans to dissolve following the completion of the sale. Both the purchase agreement and plan of dissolution are subject to stockholder approval. Olshan attorneys who are acting as M&A and securities counsel on this transaction include Robert H. Friedman, Elizabeth Gonzalez-Sussman, Jason Cabico and Honghui Yu. Mark Limardo also advised on tax matters.