LookSmart announces spinoff and merger agreement with Pyxis Tankers

|About: LookSmart Group, Inc. (LKST-OLD)|By:, SA News Editor

LookSmart (NASDAQ:LOOK) +25.6% premarket after announcing a merger with privately-held Pyxis Tankers' Maritime Technologies Corp. subsidiary that will result in Pyxis Tankers becoming a publicly listed company.

LookSmart will spin off its existing business into a new entity called LookSmart Group.

Pyxis' fleet will be comprised of six double hull product tankers with an average current age of four years and that are employed under a mix of short- and medium-term time charters and spot charters.

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