KBL vote clears way for Summer Infant deal

NEW YORK – KBL Healthcare Acquisition Corp. II stockholders last week approved the company’s acquisition of Summer Infant Inc., clearing the way for a deal that will infuse $30 million into the fast-growing baby gear company.
KBL Healthcare Acquisition Corp. II is a specified-purpose acquisition company established in December 2004 by Summer Infant’s owners and New York-based KBL Healthcare Ventures to buy Summer Infant and take it public. KBL will now change its name to Summer Infant Inc., under which name it has applied for listings on Nasdaq. Initially, however, its common stock, warrants and units initially will continue to trade on the Over-the-Counter Bulletin Board under the symbols KBLH, KBLHW and KBLHU, respectively.
At a special shareholder meeting last Tuesday, KBL stockholders approved a performance equity plan and certain amendments to KBL’s certificate of incorporation, including the name change.
Under the terms announced Sept. 5, Summer Infant’s owners will hold stock in the new company, and the current management team will remain in place, but KBL founder Dr. Marlene Krauss will become