Thursday, September 15, 2016

Perk Sells Back Corona Labs Less Than A Year After Buy

Austin-based Perk said today that it has sold back Corona Labs, which it only acquired in December of 2015, to its CEO, Roj Niyogi. According to Perk, Niyogi will return for cancellation 1,879,532 common shares and 1,505,972 Class A restricted voting shares--or all of the shares held by Niyogi--to Perk, with Perk paying $1.75M in cash, plus up to $750,000 in services over the next 12 months, to Niyogi. Niyogi also steps down as President and Board Member of Perk. Corona Labs had provided mobile app development software. Perk said the transaction will allow it to save more than $1M in quarterly expenses related to Corona, and allow both companies to "focus and invest appropriately".