Worldwide Medical Agrees to Reverse Merger
IRVINE — Worldwide Medical Corp. has agreed to a reverse merger with Calabasas-based Newco-One Inc., under which Newco-One will issue 6.4 million shares for all Worldwide medical shares.
Worldwide Medical said its shareholders will hold 80% of Newco-One shares after the merger. Worldwide Medical, which provides diagnostic tests, will maintain its headquarters in Irvine after the merger.
Newco-One was formed after a reorganization of Weaver Arms, Worldwide said. Newco-One is a blind pool company owned mostly by 600 shareholders who are former creditors for Weaver Arms. The agreement, which is subject to shareholder approval, is expected to be completed by June 30.
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