Online media company Audiohighway.com says it has agreed to merge with Shannon Technologies, a provider of electronics manufacturing and distribution services. Upon completion of the merger, Audiohighway said the shareholders of Shannon will own approximately 90 percent of its issued and outstanding stock.
The Cupertino, Calif.-based company, which offers free audio content, filed for bankruptcy protection in January since it was unable to capture a strategic partner or additional funding. Prior to that, in November Audiohighway laid off 21 of its 30 employees.
Audiohighway said it will file a reorganization plan for approval by the U.S. Bankruptcy Court and that the combined company plans to apply for relisting on the Nasdaq Stock Market upon the merger's completion, which it expects at the end of June.