By Sheri Kasprzak
New York, Aug. 24 - Omega Diagnostics Group plc said it intends to go public through a reverse merger with Quintessentially English plc, which will also make a private placement of stock and will change its name to Omega Diagnostics.
The placement includes 50 million shares at 2p each. The price per share represents the mid-market closing price of Quintessentially English's stock on March 31, the last date before the trading of the company's stock was suspended on the London Stock Exchange's Alternative Investments Market.
Quintessentially English is a London-based investment company. Omega, based in Alva, Scotland, develops in-vitro diagnostic test kits.
For its acquisition of Omega, Quintessentially will pay £3 million in stock.
| Issuer: | Quintessentially English plc
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| Issue: | Stock
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| Amount: | £1 million
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| Shares: | 50 million
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| Price: | 2p
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| Warrants: | No
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| Announcement date: | Aug. 24
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| Stock symbol: | London: QES
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| Stock price: | 7.68p at close Aug. 23
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