LookSmart, Ltd. completed the Spin-Off of LookSmart Group, Inc. for $4.9 million.
October 28, 2015
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LookSmart, Ltd. (NasdaqCM:LOOK) entered into an agreement to spin-off LookSmart Group, Inc. on April 23, 2015. LookSmart, Ltd. transferred all of its business, assets and liabilities of to LookSmart Group in anticipation of the spin-off of LookSmart Group from LookSmart, Ltd. and holders of record of LookSmart, Ltd.'s common stock will receive a pro rata distribution of one share of LookSmart Group's common stock for each share of the LookSmart, Ltd.'s common stock held as of the record date set for said distribution. In relation to the transaction, Pyxis Tankers Inc. entered into an agreement to acquire LookSmart, Ltd. (NasdaqCM:LOOK) in reverse merger on April 23, 2015. Upon completion of this spin-off, LookSmart Group, will be 100% owned by LookSmart's stockholders of record. The transaction was approved by shareholders of LookSmart, Ltd. on October 26, 2015.
LookSmart, Ltd. (NasdaqCM:LOOK) completed the spin off of LookSmart Group, Inc. for $4.9 million on October 28, 2015.
LookSmart Group, Inc. operates in a programmatic online advertising ecosystem serving ads that target user queries on partner sites. The Company handles programmatic media buying on both Tier1 (Facebook, Google, Bing and Yahoo) and Tier2 channels (any other site beyond Google, Bing, Facebook and Yahoo). The Company offers search advertising customers targeted search via a monitored search advertising distribution network using its AdCenter platform technology. Its search advertising network includes publishers and search advertising customers, including intermediaries and direct advertising customers and their agencies, as well as self-service customers in the United States and certain other countries. In addition, Looksmart, under its Clickable and Syncapse brands, allows customers to manage paid, owned and earned media by providing a suite of solutions for social media marketers that include publishing, monitoring, data storage, compliance, management, ad placement and analytics.