Marquest Medical
This article was originally published in The Gray Sheet
Executive Summary
To receive $6.5 mil. capital infusion in exchange for granting Scherer Healthcare, Inc. the right to purchase "up to at least" 51% of Marquest's stock, according to an agreement in principle. The agreement also grants Scherer warrants to acquire approximately 1.8 mil. shares of Marquest's common stock over the next five years at prices ranging from $2-$4 per share. In addition, the two firms plan to "work together" to refinance Marquest's outstanding Swiss bond debt obligations, which are in default. Marquest plans to remain an "independently run company" that will continue having its stock traded on NASDAQ. In December, Marquest announced that it might seek protection under the U.S. Bankruptcy Code if additional financing could not be found ("The Gray Sheet" Dec. 21, p. 15)....