DURHAM, N.C., May 4 -- Cree Inc. has completed its acquisition of Nitres Inc. by acquiring all of the outstanding vested Nitres stock for approximately 1.5 million shares of Cree common stock. Under the agreement, Cree has given Nirtres approximately 350,000 shares of unvested Cree common stock in return for unvested Nitres shares; Cree also has reserved approximately 150,000 shares of common stock for outstanding Nitres options and warrants assumed by Cree in the transaction.
With the completion of the acquisition, Nitres will be renamed Cree Lighting Co. and operate as a wholly owned subsidiary of Cree Inc. Neal Hunter, chairman and CEO, stated, The acquisition of Nitres, with its demonstrated performance and expertise in high-brightness nitride LEDs, combined with Cree's low-cost platform, should enable Cree to become the premier provider of high-efficiency, low-cost LEDs.