Salt Lake-based Comet Technology Inc. said Tuesday that it has signed a letter of intent to enter into a reorganization with Cirmaker Industry Co. Ltd., headquartered in Taiwan.
Cirmaker specializes in developing and manufacturing telecommunication products, electronic equipment and PC and electronic components.
The transaction will be structured as a stock-for-stock exchange through which Cirmaker will acquire approximately 92 percent of the shares outstanding at the closing and obtain control of Comet.
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Other terms were not disclosed.