Magnolia Solar Corp., a New York-based thin-film solar cell module company, has completed a previously announced merger deal with Ecoark Inc., an Arkansas-based developer of intelligent technologies and consumer products, and changed its name to Ecoark Holdings Inc.
As a result, Ecoark Holdings Inc. will consolidate the operations of Ecoark Inc. and Magnolia Solar Inc., its current subsidiary. Effective Monday, the combined company’s common shares will commence trading with the symbol MGLTD, and after 20 trading days, the company’s ticker symbol will continue as EARK.
In January, Magnolia Solar Corp. and Ecoark Inc. entered into the merger agreement, and Magnolia’s shareholders approved the name change to Ecoark Holdings Inc. and a 1-for-250 reverse stock split, which were conditions to the completion of the merger.
“We are delighted that the merger with Ecoark is now complete,” says Dr. Ashok K. Sood, president, CEO and director of Magnolia Solar. “As I stated in the past, this combination creates synergies for both Magnolia Solar and Ecoark’s intellectual property. We have already identified several opportunities within each other’s intellectual property portfolio where we can drive significant value creation for shareholders.”
“This is an important milestone for Ecoark,” adds Randy May, Ecoark’s chairman and CEO. “When we founded Ecoark in 2011, we set a lofty goal of becoming a publicly traded company within five years. Dr. Sood, and the team at Magnolia Solar made this goal a reality.”