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PHMD

PhotoMedex

$1.15

-0.13 (-10.16%)

16:15
10/05/16
10/05
16:15
10/05/16
16:15

ICTV Brands announces acquisition of consumer products business of PhotoMedex

ICTV Brands announced the signing of a definitive agreement to acquire the consumer products business of PhotoMedex for a total consideration of $9.5M million. The agreement calls for ICTV to acquire the assets of PhotoMedex's flagship product no!no!, along with the Kyrobak and Cleartouch brands. The purchase price of $9.5 million consists of a $3 million cash payment on closing, $2 million cash payment due on the 90th day following the closing, and a $4.5 million capped royalty based on future net sales of the acquired product lines. This asset purchase will include the respective product trademarks, patents, and other intellectual property, along with manufacturing tooling, and PhotoMedex's Hong Kong and Brazilian subsidiaries. ICTV will also receive a minimum of $6 million of GAAP inventory. In addition to the tangible assets, ICTV will acquire highly experienced research and development, logistics, sales and marketing personnel. The R&D and logistics group, based in Israel, have a long history of developing unique and successful at-home health and beauty devices. The sales and marketing team, based in the US and UK, will provide seamless integration of the acquired brands into ICTV's platform. The Board of Directors of both ICTV and PhotoMedex have unanimously approved this agreement. In addition, ICTV's Board has approved a financing of up to $7M in a private placement of common shares priced at $0.34. To date, $3M of this raise has been placed in escrow, led by a group of existing shareholders. The additional $2M that has been secured is in the form of an irrevocable letter of credit. Assuming the closing of both the acquisition and the $7 million equity financing, the Company expects to have over $3M in cash, no debt, and approximately 51 million shares outstanding. The closing of the acquisition and the financing are subject to customary closing conditions. Richard Ransom, President of ICTV Brands, stated, "The acquisition of the no!no! brand will be transformative to our organization and accretive to our shareholders. By combining these great brands under one platform, ICTV should gain the operating leverage and cost savings to generate significant EBITDA and cash flow going forward. We believe this transaction will firmly establish ICTV Brands as a worldwide leader in the health and beauty device industry."

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SBGSY

Schneider Electric

$13.70

-0.115 (-0.83%)

15:24
02/24/17
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Schneider Electric management to meet with JPMorgan »

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SBGSY

Schneider Electric

$13.70

-0.115 (-0.83%)

15:23
02/24/17
02/24
15:23
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Conference/Events
Schneider Electric management to meet with JPMorgan »

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AVP

Avon Products

$4.43

0.18 (4.24%)

15:21
02/24/17
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Avon Products rises after COO discloses purchase of 150K shares »

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AAPL

Apple

$136.53

-0.58 (-0.42%)

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Apple expiring ATM straddle is active as shares pin to $136 into the final hour »

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PPRUY

Kering

$24.38

0.055 (0.23%)

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Kering management to meet with JPMorgan »

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$NSD

NASDAQ Market Internals

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$NYE

NYSE Market Internals

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AET

Aetna

$128.69

-1.04 (-0.80%)

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02/24/17
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Aetna management to meet with JPMorgan »

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WMT

Wal-Mart

$72.37

1.055 (1.48%)

, BBY

Best Buy

$45.75

1.435 (3.24%)

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White House denying Cohn comments on border-adjustment tax, Axios says »

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WMT

Wal-Mart

$72.37

1.055 (1.48%)

BBY

Best Buy

$45.75

1.435 (3.24%)

COST

Costco

$175.85

-0.66 (-0.37%)

TGT

Target

$66.59

1.61 (2.48%)

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PYPL

PayPal

$42.53

0.11 (0.26%)

15:11
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$1M premium seller in Paypal »

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WSTC

West Corp.

$24.66

-0.09 (-0.36%)

15:09
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Conference/Events
West Corp. to host analyst day »

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  • 28

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FCNCA

First Citizens

$363.85

0.03 (0.01%)

15:07
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Breaking Hot Stocks news story on First Citizens »

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DLTR

Dollar Tree

$77.57

-0.97 (-1.24%)

15:06
02/24/17
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Dollar Tree call volume above normal and directionally bullish »

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  • 01

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ADRO

Aduro Biotech

$11.15

-0.25 (-2.19%)

15:01
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Meet Aduro: CEO Isaacs says partnerships help development efforts »

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SRRA

Sierra Oncology

$1.42

-0.05 (-3.40%)

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Breaking Hot Stocks news story on Sierra Oncology »

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EIGI

Endurance

$9.00

-0.3 (-3.23%)

14:59
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Rumors
Rumor moving shares of Endurance »

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WSTC

West Corp.

$24.66

-0.09 (-0.36%)

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West Corp. buyout looks challenging, Dealreporter says »

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LUK

Leucadia

$25.63

-0.09 (-0.35%)

14:50
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Leucadia options imply 2.4% move in share price post-earnings, above median historical move »

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EWJ

iShares MSCI Japan Index Fund

$51.43

-0.205 (-0.40%)

14:41
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iShares Japan Fund draws a notable option block »

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RP

RealPage

$33.70

-0.5 (-1.46%)

14:36
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RealPage management to meet with JMP Securities »

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VLKAY

Volkswagen

$30.91

0.135 (0.44%)

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ADRO

Aduro Biotech

$11.15

-0.25 (-2.19%)

, NVS

Novartis

$77.15

-0.2959 (-0.38%)

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ADRO

Aduro Biotech

$11.15

-0.25 (-2.19%)

NVS

Novartis

$77.15

-0.2959 (-0.38%)

JNJ

Johnson & Johnson

$122.09

1.19 (0.98%)

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SU

Suncor

$31.55

-1.12 (-3.43%)

14:26
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Suncor call volume above normal and directionally bullish »

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VLKAY

Volkswagen

$30.91

0.135 (0.44%)

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Volkswagen sees FY17 operating return on sales 6%-7% »

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SPKE

Spark Energy

$25.55

0.35 (1.39%)

14:21
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Spark Energy hires Morgan Stanley to advise on potential sale, SparkSpread says »

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  • 09

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