Sbe (NASDAQ:SBEI)
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SBE, Inc. (NASDAQ:SBEI), a provider of high-performance IP storage
solutions serving remote back-up and disaster recovery applications, today
announced that it has completed the sale of its embedded hardware
business for $2.2 million. This action follows a stockholders’
meeting held on March 29, 2007 in which stockholders approved the sale
to One Stop Systems, Inc. and a 1-for-5 reverse stock split. The asset
sale agreement between SBE and One Stop Systems also provides that One
Stop Systems assumes the lease liabilities associated with SBE’s
corporate headquarters and equipment related to the embedded hardware
business.
“We are pleased with the sale of the embedded
hardware business and the 1-for-5 reverse stock split. These milestones
are critical in restructuring the company for increased stockholder
value and pave the way for the merger of SBE with Neonode,”
said Greg Yamamoto, President and Chief Executive Officer of SBE. “We
are confident that the gain recorded on the sale of the embedded
hardware business and the resulting stock price from the reverse stock
split allows us to comply with the stockholders’
equity and bid price criteria identified by the NASDAQ Listings
Qualification Panel.”
The 1 to 5 reverse split is expected to be effective on or about April
2, 2007. Stockholders who would be entitled to fractions of a share will
receive cash instead of the fractional shares. Shares of SBE common
stock will trade on the NASDAQ Capital Stock Market under the symbol
SBEID for 20 trading days after the reverse split goes into effect.
After that period, trading will resume under the current symbol SBEI.
On January 19, 2007, the Company entered into a definitive merger
agreement with Neonode Inc., a Delaware corporation. Founded in 2001,
Neonode is a Swedish developer and pioneer of touchscreen mobile phones.
Neonode’s patented zForce™
touchscreen technology and Neno™ user
interface combine to maximize display area and provide a unique
one-hand, onscreen navigation experience. In February 2007, Neonode
showcased its new mobile phone, the N2, at the 3GSM World Congress in
Barcelona, Spain to critical acclaim. Neonode recently announced its
first purchase order for the N2 mobile phone from MyPhone in Greece.
It is anticipated that the Company will change its name to “Neonode
Inc.” upon consummation of the merger. This
transaction requires the approval of the SBE stockholders, and the
Company is in the process of preparing a proxy statement for such
purpose.
About SBE
SBE designs and provides IP-based storage networking solutions for an
extensive range of business critical applications, including back-up and
disaster recovery. SBE delivers a portfolio of scalable, standards-based
hardware and software products designed to enable optimal performance
and rapid deployment across a wide range of next-generation storage
systems. Based in San Ramon, California, SBE is a publicly traded
company (NASDAQ:SBEI) with products sold worldwide through direct sales,
OEMs and system integration partners. More information is available at www.sbei.com.
Forward-Looking Statements
This news release contains certain forward-looking statements that
involve risks and uncertainties, including statements about consummation
of the proposed merger transaction. Such statements are only predictions
and the company's actual results may differ materially from those
anticipated in these forward-looking statements. Factors that may cause
such differences include, but are not limited to, the ability of SBE and
Neonode to comply with the closing conditions necessary in order to
consummate the transactions. These factors and others are more fully
discussed in the documents the company files from time to time with the
Securities and Exchange Commission, particularly, the company's most
recent Form 10-K and Form 10-Q.
SBE and the SBE logo are registered trademarks of SBE, Inc. All other
brand or product names are trademarks or registered trademarks of their
respective holders.
Additional Information and Where to Find It
In connection with the proposed merger and required stockholder
approval, SBE intends to file with the Securities and Exchange
Commission, or SEC, a proxy statement on Schedule 14A that will be
mailed to the stockholders of SBE. INVESTORS AND SECURITY HOLDERS OF SBE
ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT MATERIALS
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED MERGER. The definitive proxy statement
will be mailed to the stockholders as of a record date to be established
for voting on the proposed merger. Investors and security holders will
be able to obtain free copies of the proxy statement, as well as other
filed materials containing information about SBE, at www.sec.gov,
the SEC's website. Investors may also access the proxy statement and the
other materials at www.sbei.com, or
obtain copies of such material by request to SBE's Corporate Secretary
at: SBE, Inc., 4000 Executive Parkway, Suite 200, San Ramon, CA 94583.
SBE and its officers and directors may be deemed to have participated in
the solicitation of proxies from SBE's stockholders in favor of the
approval of the merger. Information concerning SBE's directors and
executive officers is set forth in the publicly-filed documents of SBE.
Stockholders may obtain more detailed information regarding the direct
and indirect interests of SBE and its directors and executive officers
in the merger by reading the preliminary and definitive proxy statements
regarding the merger, which will be filed with the SEC.