Oblong announces letter of intent to merge with Dwellwell Analytics

Oblong announced that it has signed a non-binding letter of intent with Dwellwell Analytics to acquire 100% of the outstanding equity interests of Dwellwell .Pursuant to the terms of the Letter of Intent, Dwellwell securityholders would, after giving effect to the proposed Merger, own 67% of the equity of the combined company and equity holders of Oblong would own 33% of the equity of the combined company, on a fully diluted basis…”After undertaking a comprehensive process to explore and evaluate a range of strategic options, our Board and Management team believe this transaction with Dwellwell is the best strategic alternative for Oblong and represents an opportunity to create substantial value for our shareholders,” said Pete Holst, Oblong CEO. Both parties are currently completing their respective due diligence reviews and are continuing to negotiate the terms of a Definitive Merger Agreement. Accordingly, Oblong cannot provide any assurance that it and Dwellwell will successfully negotiate and enter into a Definitive Merger Agreement or that it will effect the Merger with Dwellwell or, even if it is able to consummate such a Merger, that the terms of any such Merger will be on the terms set forth in the Letter of Intent. The Merger would be subject to board and shareholder approval, regulatory approval, each party satisfying a net cash closing condition and other customary closing conditions…