ZiaSun Technologies Inc. and Telescan Inc. have announced a merger, and the company's Provo office will be among the company's principal offices.
ZiaSun Technologies, of Solana Beach, Calif., and Telescan, of Houston, said the merger would allow the new company to be a major player in investor education, financial publications and analytics.
The new company, to be named INVESTools Inc., will apply to be traded on the NASDAQ National Market under a new ticker symbol. Other major offices will be in Houston; Menlo Park, Calif.; and New York City. ZiaSun and Telescan will exist as wholly owned subsidiaries of INVESTools.
The merger is a stock-for-stock exchange. INVESTools will issue new shares to acquire all the outstanding shares of ZiaSun and Telescan. ZiaSun shareholders will receive 75 percent of the newly issued INVESTools common stock, and Telescan shareholders will receive 25 percent. ZiaSun shareholders will receive one share of INVESTools common stock for every share of ZiaSun common stock they hold. Telescan shareholders will receive 0.56486 share of INVESTools common stock for every share of Telescan common stock they hold.
The merger has been unanimously approved by the boards of directors of both companies and is subject to customary closing conditions, including approval by the shareholders of both ZiaSun and Telescan.