Adrian J Cotterill, Editor-in-Chief
Wireless Ronin Technologies, Inc. (OTCQB: RNIN)’s form 8-K issued June 27, 2014 sheds a little more light on the Creative Realities, LLC and Wireless Ronin merger announced last Thursday and the 3-way involved with the already pending merger between Wireless Ronin and Broadcast International, Inc..
If that sounds complicated it’s probably because it is. The form 8K details the necessary shenanigans in some detail – basically describing a reverse triangular merger in which Creative Realities survives a merger with WRT Acquisition, LLC, a subsidiary of Wireless Ronin, thereby becoming a wholly owned operating subsidiary of Wireless Ronin.
As a result of that ‘merger’, Slipstream Funding, LLC (the sole member of Creative Realities) will receive shares of Wireless Ronin common stock equivalent to approximately 58.5% of Wireless Ronin common stock and a warrant to purchase shares equal to 1.5% of Wireless Ronin common stock.
The completion of that transaction however is contingent upon Ronin’s pending merger with Broadcast International, Inc. AND Ronin securing an additional USD 5 Million of funding!
There’s also a USD 350K break up fee should either party not go through with any of what is planned.
With Ronin’s new CFO still being sued by his previous employer this STILL makes for a very, very murky arrangement.
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