Integrity Media Goes Private

Mobile, Ala.-based Integrity Media recently completed its merger with Kona Acquisition Corp., an entity wholly owned by Integrity's co-founder and president/CEO P. Michael Coleman.

Mobile, Ala.-based Integrity Media recently completed its merger with Kona Acquisition Corp., an entity wholly owned by Integrity's co-founder and president/CEO P. Michael Coleman. The deal takes Integrity -- a well-known leader in the praise and worship music genre -- private.

As part of the going-private transaction, each holder of Integrity's Class A common stock will receive $6.50 in cash for each outstanding share, other than shares owned by certain continuing stockholders who are officers of Integrity. Coleman was the company's primary stockholder.

Integrity is now eligible to terminate the registration of its Class A common stock under the Securities Exchange Act of 1934, as amended. The company requested that its Class A common stock be delisted from the Nasdaq National Market July 9.
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