(RTTNews) - Helix Technologies Inc. (HLIX) and Medical Outcomes Research Analytics said they reached an agreement to merge. The merger will be accomplished by both companies becoming wholly owned subsidiaries of a newly formed company, Forian Inc.
MOR Analytics members will own about 72 percent and Helix shareholders will own about 28 percent of the combined company, following completion of the all-stock transaction.
Helix shareholders will receive 0.027 shares of Forian common stock for each share of Helix common stock.
In addition, at the time of the combination, it is expected that Forian will have in excess of $10 million in cash available. Forian will not incur any new debt to affect the combination.
The transaction is expected to close in the first quarter 2021. Forian expects to apply and be listed on the Nasdaq Stock Exchange. Helix shareholders representing about 45% of the currently outstanding voting common shares have entered into agreements to vote their shares in favor of the transaction.
The combined company expects to maintain headquarters in Newtown, PA, with offices in Fort Lauderdale, FL and Denver, CO.Dan Barton, Chief Executive Officer of MOR Analytics, will become Chief Executive Officer of the combined organization.
Max Wygod, co-founder of MOR Analytics, will become Executive Chairman of the Board. Adam Dublin, co-founder of MOR Analytics, will become Chief Strategy Officer and Director.
Zachary Venegas, Executive Chairman and Chief Executive Officer of Helix, and Scott Ogur, Chief Financial Officer of Helix, will continue to lead Helix alongside MOR executives.
Forian's board will initially be comprised of a total of 11 directors, including Marty Wygod, Max Wygod, Adam Dublin, Dan Barton of MOR Analytics, Scott Ogur of Helix, and six new independent directors.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.