Magnolia Solar Completes Reverse Merger

Woburn, Mass.-based Magnolia Solar Inc., a developer of thin-film solar panels, has completed a reverse merger with publicly traded Mobilis Relocation Service Holdings Inc.

Under the terms of the merger, Magnolia has merged with Mobilis, which has changed its name to Magnolia Solar Corp., which is the surviving corporation, and Magnolia became its wholly owned subsidiary, the company explains.

‘Becoming a publicly traded corporation will help us gain access to the capital markets that we need to more aggressively grow our thin-film solar business,’ says Dr. Ashok K. Sood, president and CEO of Magnolia Solar Corp.

SOURCE: Magnolia Solar Corp.

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