The Matawan-based firm is now awaiting the completion of an audit statement to file with the SEC.Deep Field Technologies (Nasdaq OTC BB: DPFD) in Matawan announced today that the Chinese government has approved its share-exchange deal with the China-U.S. joint venture company AutoMart.
The New Jersey company had previously stated that financing in the form of a convertible debenture amounting to at least $4 million was required to complete the deal. Deep Field CEO Mark Meller today said that his firm has received a term sheet from a Wall Street firm and is working to finalize terms and conditions. Deep Field is also awaiting the completion of an audit statement, which it will need to file with the SEC, he told NJBIZ.
Once the deal is closed, AutoMart shareholders will hold 85% of the post-agreement entity, and current shareholders of Deep Field Technologies, the balance.
AutoMart is a joint venture between Beijing Silver Harbor Car Service Center and Mayflower Auto Group of the U.S. It focuses on auto after-sales services, including maintenance and repairs, insurance and parts sales. It plans to expand to other cities in China.
Deep Field is involved in the acquisition and build-out of technology companies, and specializes in marketing unified messaging systems. Company stock surged $0.08 to $0.35 in early afternoon trading.