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Stock Market & Financial Investment News

News Breaks
December 3, 2012
05:04 EDTLOOKPEEK extends LookSmart tender offer until Dec. 31, cannot guarantee success
Peek issued the following statement: "We have extended our third-party tender offer to purchase all of the outstanding shares of common stock of LookSmart for $1.00 per share in cash. As extended, the tender offer is scheduled to expire at 5:00 P.M., New York time, on December 31. The tender offer was previously scheduled to expire at 5:00 P.M., New York time, on November 30. As of November 30, 4.73M shares had been deposited, which, together with the shares owned by PEEK's affiliates, represents approximately 42% of the total shares outstanding. We extended the tender offer because we are currently engaged in negotiations with LookSmart with respect to possible board representation rights and related agreements and transactions. However, we cannot guarantee that the negotiations will be successful or that the tender offer will be consummated even if the negotiations are successful."
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April 23, 2015
16:44 EDTLOOKLookSmart announces spin-off, merger agreement with Pyxis
LookSmart and privately-held Pyxis Tankers jointly announced that they have entered into a plan of merger whereby Pyxis will become a publicly listed company as a result of the merger between LookSmart and Pyxis' wholly-owned subsidiary, Maritime Technologies. In addition, LookSmart will spin off its existing business into a new entity called LookSmart Group. Prior to the execution of the merger agreement, LookSmart transferred all of its businesses, assets and liabilities to LookSmart Group. Upon completion of this spin-off, LookSmart Group, will be 100% owned by LookSmart's stockholders of record. Under the terms of the Merger Agreement, LookSmart will merge with and into Maritime Technologies Corp., which will be the surviving corporation in the merger and will continue to be a wholly-owned subsidiary of Pyxis. Upon completion of the merger, each share of LookSmart's common stock issued and outstanding immediately prior to the merger will be exchanged for the right to receive a certain number of shares of Pyxis' common stock equal to $4M, as adjusted for the price and number of LookSmart's outstanding common stock as of the date that the merger becomes effective. After the completion of the merger, and assuming no adjustments pursuant to the terms of the merger agreement, the public stockholders of LookSmart are expected to own approximately 5.66% of the total issued and outstanding common stock of Pyxis. Pyxis intends to apply to have its common stock listed on either the Nasdaq Capital Market or the NYSE MKT under the symbol "PXS."

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