Under the terms of the merger, Magnolia merged with Mobilis to become Mobilis’s principal operating business, and following the merger, Mobilis changed its name to ‘Magnolia Solar Corporation.’
Magnolia Solar Corporation is the surviving corporation and Magnolia became its wholly-owned subsidiary. Midtown Partners & Co served as Magnolia’s placement agents.
Ashok Sood, president and CEO of Magnolia, said: “Becoming a publicly-traded corporation will help us gain access to the capital markets that we need to more aggressively grow our thin film solar business. We intend to continue to provide environmentally responsible and low cost solutions for the solar industry.”
Magnolia develops thin film solar cells based on substrates such as glass and polymers. The company plans to provide low cost terrestrial photovoltaic cells for both civilian and military applications.
