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Ultralife Corp. has agreed to sell its interest in RedBlack Communications Inc. to a Virginia firm for $2.5 million.
The Newark, Wayne County, company entered into and closed a stock purchase agreement to sell 100 percent of its capital stock in RedBlack on Sept. 28 with BCF Solutions Inc., a filing Wednesday afternoon with the Securities and Exchange Commission states. There will be a customary post-closing working capital adjustment to the purchase price, which is expected to be completed within 90 days.
Ultralife had announced on Feb. 16 it planned to divest RedBlack, a wholly owned subsidiary based in Maryland. RedBlack Communications designs, integrates and fields mobile, modular and fixed-site communication and electronic systems.
Shares of Ultralife stock (NasdaqGM: ULBI) were trading Thursday afternoon at $2.96 a share, down 4 percent from Wednesday closed of $3.08. The sock had closed Tuesday at $2.94.
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