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Buy.com is entering into a merger agreement with its founder’s company. At the same time, the company is being delisted from NASDAQ trading.
Aliso Viejo, CA-based buy.com Inc., an online retailer that sells discount electronics, books office supplies and other products, is merging with founder Scott A. Blum’s SB Acquisition Inc. As part of the deal, which is expected to close before Nov. 30, SB Acquisition will immediately provide buy.com with interim financing of up to $9 million, subject to certain conditions being met. The companies did not disclose what those conditions are to be.
Under terms of the merger agreement, SB Acquisition will pay 17 cents per share (Friday’s closing price), in cash, for each outstanding share of buy.com. The transaction is structured as a reverse merger.
Buy.com also announced today that it was delisted from NASDAQ. The company had requested a hearing in June to review being delisted. Companies must maintain a minimum bid price of $1 in order to remain listed on NASDAQ. Buy.com today said it expects its stock to be quoted on the OTC Bulletin Board.
Blum resigned as the company`s CEO in the fall of 1999 prior to the company’s going public. Two directors of Softbank who had served on the buy.com board resigned in April. The company`s Q1 2001 report stated that revenue dropped 40% from the same quarter in 2000.