NEWARK, Calif.-Socket Communications Inc. will merge with Cetronic AB, a privately held company based in Sweden that develops and markets software and hardware for wireless data communications markets.
According to the proposed terms of the merger, Socket will issue $11.4 million in Socket common stock in exchange for all of Cetronic’s common shares. The merger is subject to completion of a definitive agreement and approval of both companies’ shareholders.
Earlier this year, the companies announced a joint development project for new wireless data communications products using FLEX and ERMES paging networks. In the following weeks, Cetronic invested $1 million in Socket convertible subordinated notes.
