Lapland gains place on Nasdaq list

Mobile computer reseller Lapland will gain a listing on Nasdaq this year following the completion of its acquisition by Swedish e-commerce firm Infinicom last year.

Parent Infinicom, with a chain of online shopping sites, will reverse-merge into Scoop - which filed for bankruptcy protection under Chapter 11 - gaining an automatic Nasdaq listing.

Upon listing, Infinicom will change its name to 24Store in a bid to reflect its e-commerce emphasis. Lapland will, however, retain its name and continue to operate as a wholly owned 24Store subsidiary.

The listing, after ratification by the Securities and Exchange Commission, is expected to be in place by June. Infinicom will own more than 90 per cent of Scoop and will trade one Scoop share for one-eleventh of a 24Store share.

A Nasdaq flotation was part of Infinicom's plans when it acquired Lapland last year, having already obtained a listing in Sweden (PC Dealer, 12 August 1998).

Martin Clarke, co-founder and sales and marketing director at Lapland, said the reverse merger was more cost-effective than seeking a separate listing. Lapland's year-end period will change from July to December, to incorporate with the holding company and take advantage of stronger e-commerce sales not found in conventional trade at the end of the calendar year.