Garden City-based Emerging Vision Inc., which sells eyeglasses and contact lenses through its Sterling Optical (which once had Mister Magoo as its "spokesman") and Site for Sore Eyes chain stores, is going private.
The publicly traded company is making the move through a “short-form” merger with a related, private corporation headquartered in Manhattan. As of Thursday, documents on file still gave Emerging Vision Inc.’s corporate address as 100 Quentin Roosevelt Blvd. in Garden City.
Holders of shares in the company’s publicly traded stock, listed on the Pink Pages under the stock symbol ISEE, will get $0.16 a share.
“EMVI Acquisition Corp., the holder of greater than 90 percent of the Company’s capital stock will effectuate a merger with the company... and will become a private company,” a corporate news release said. Both corporations are run by their majority owner, Alan Cohen.
The stock opened at $0.10, with a recent volume history of light trading (most days not trading at all). By noon Thursday shares were up 50 percent to $0.15, and volume of more than 200,000. The stock will cease to trade at the close of business Friday.