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Last Trade
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Last Trade:
$0.01
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Change:
0.00 (-1.41%)
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Trade Time:
Feb 15
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Market Cap:
$8.90M
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Description of Business
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On February 7, 2018, Cord Blood America, Inc. ("CBAI" or the "Company" or "We")
announced that it entered into an Asset Purchase Agreement, dated as of February
6, 2018 (the "Purchase Agreement"), with California Cryobank Stem Cell Services
LLC ("FamilyCord").
Pursuant to the terms of the Purchase Agreement, FamilyCord agreed to acquire
from CBAI substantially all of the assets of CBAI and its wholly-owned
subsidiaries and to assume certain liabilities of CBAI and its wholly-owned
subsidiaries. The sale does not include CBAI's cash and certain other excluded
assets and liabilities. FamilyCord agreed to pay a purchase price of $15,500,000
in cash at closing with $3,000,000 of the purchase price deposited into escrow
to secure CBAI's indemnification obligations under the Purchase Agreement. The
sale, which is subject to the closing conditions described below, is expected to
close as soon as practicable, but likely during the second quarter of 2018.
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