Inuvo and ConversionPoint Technologies Terminate Merger

Inuvo (NYSE American:INUV), an artificial-intelligence marketing technology company announced that the merger with ConversionPoint Technologies, an ecommerce company has been terminated. Based on a mutual agreement, ConversionPoint’s acquisition of Inuvo will not move forward.

As quoted in the press release:

Rich Howe, Inuvo’s Chairman / CEO, commented, “With the termination of the agreement, we will immediately refocus resources away from integration planning to new opportunities that maximize the growth potential of the IntentKey^TM, while maintaining important ValidClick revenue streams.  The IntentKey^TM Data Platform is a transformational artificial intelligence-based technology capable of identifying audiences with an unmatched precision. The documented performance has been outstanding. The proliferation of the IntentKey^TM is our number one priority.”

As part of the termination agreement, the $2.8 million break-up fee payable to Inuvo is to be settled by a combination of (i) terminating the outstanding 10% Senior Unsecured Subordinated Promissory Note issued by Inuvo to CPT Investments, LLC, an affiliate of ConversionPoint by no later than July 20, 2019 or payment of a cash fee, (ii) transfer of the assets of ConversionPoint’s ReTargeter business to Inuvo by no later than December 31, 2019 or payment of a cash fee, and (iii) the reimbursement of certain fees associated with the contingent settlement of certain lawsuits that resulted from the proposed merger by no later than September 15, 2019.

Click here to read the full press release.