Implant Sciences and Zapata merger up in smoke

|By:, SA News Editor

Implant Sciences' (OTCPK:IMSCQ) plan to acquire Marseilles, France-based Zapata Industries has apparently died a quiet death. In an 8-K filed today, the company discloses that the Letter of Intent (LOI), signed on July 18, was terminated on November 21. It adds that it disputes any payment obligations it may have to Zapata connected with the LOI or its termination.

In a July 21 press release, Implant announced its intent to acquire Zapata for $15M in cash plus stock and warrants. The LOI specified a break-up fee of $350K if the deal failed to go through.