Digital Angel Corporation, a provider of medical device identification and radiation dose measurement technologies, today announced it has filed its Definitive 14C with the U.S. Securities and Exchange Commission to satisfy the conditions of the share exchange agreement with VeriTeQ Acquisition Corporation ("VeriTeQ' ). The Definitive 14C enables the Digital Angel to effect a one for thirty reverse stock split, name change to VeriTeQ Corporation and stock symbol change, all of which has received the necessary Board and stockholder approvals, and is expected to occur on or around October 18, 2013.
Earlier this week, the Company announced the FDA released its Final Rule for Unique Device Identification ("UDI' ), which requires all medical devices distributed in the U.S. that are intended to be used more than once and intended to undergo any form of reprocessing before each use to carry a UDI with direct part marking. VeriTeQ's Q Inside Safety Technology is a FDA cleared radio frequency identification microchip that can be used as a direct part marking to identify an implanted or reprocessed medical device with a handheld reader, thereby helping to ensure patient safety and accurate device identification at the point of care or in the event of a recall.
The one for thirty reverse stock split and name change were conditions to the share exchange agreement between VeriTeQ and Digital Angel, which was completed in July 2013. Pursuant to the share exchange agreement, Digital Angel acquired all the outstanding shares of VeriTeQ from the VeriTeQ Shareholders in exchange for 410,759 shares of Digital Angel's Series C Preferred Stock. Each share of Series C Preferred Stock will be converted into twenty shares of our Common Stock automatically upon the effectiveness of the reverse stock split. After giving effect to the above described automatic conversion, the conversion shares shall constitute approximately 88% of Digital Angel's issued and outstanding common shares. The share exchange resulted in a union of the two companies to focus on medical device identification and radiation dose measurement technologies for use in radiation therapy treatment.
Scott R. Silverman, Chairman and Chief Executive Officer of VeriTeQ, stated, "With the completion of the share exchange agreement, the release of the FDA's Final Rule for UDI, impending recapitalization of the Company and name change to VeriTeQ, we believe we are well on our way to completing our integration plan to execute our business strategy. Future catalysts for stockholders to watch for include an institutional equity raise to fund the business and eventual uplisting of our stock.'
The Company has over 100 patents, patents pending, and exclusive licenses, and multiple regulatory approvals from the U.S. Food and Drug Administration ("FDA' ) and CE marks, which enable the Company to market its products in the European Union.