NEW YORK – KBL Healthcare Acquisition Corp. II stockholders approved the company’s acquisition of Summer Infant Inc. at a special meeting today. The acquisition was expected to close today.
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.
“Thirty million dollars is going to be injected into the company,” Summer Infant President and CEO Jason Macari told Providence Business News last fall. “It’s a very exciting time in our company’s history.”
After the transaction closes, KBL will 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 today’s special shareholder meeting, KBL stockholders approved a performance equity plan and certain amendments to KBL’s certificate of incorporation, including the name change.
[Editor’s note: KBL announced March 6, after the markets closed, that it had completed its takeover and name change and had been granted approval to list its stock on Nasdaq. The company is now known as Summer Infant Inc. Its common stock, warrants and units began trading on Nasdaq under the ticker symbols SUMR, SUMRW and SUMRU, respectively, and ceased trading on the OTCBB, at the open of business on Wednesday, March 7.]
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 chairman of the board.
Summer Infant Inc. is a fast-growing designer, marketer and distributor of branded durable health, safety and wellness products for children 3 years and younger. Its products include nursery audio/video monitors, safety gates, bed rails, infant thermometers, and child booster, potty and bouncing seats. Additional information is available at www.summerinfant.com.
The KBL news release is available at BusinessWire.com.
