Viper Powersports cancels Melling SportsCar buyout
January 2, 2008
Filed under Features
Viper Powersports terminated its stock purchase agreement with Melling SportsCar, designer and developer of sports car engines, where Viper intended to acquire 100 percent of Melling SportsCar through a tax-free exchange, according to a Viper Powersports press release.
Viper Powersports was to issue 1.5 shares of its common stock for each of the 4,551,334 common shares of Melling. Viper Powersports ended the agreement, however, because it was unable to raise the capital funds needed to support sports car development along with it primary business.