Ronco Corp., the direct marketing firm founded over 40 years ago by Ron Popeil, has become a publicly traded company thanks to a merger with Fi-Tek Inc. It hopes to soon have its shares listed on the Nasdaq National Market System.
The Chatsworth, CA-based company also has raised $50 million in financing through a series of related deals.
The merger with Fi-Tek, a firm described in some accounts as a publicly traded shell corporation, was a stock-for-stock transaction.
The combined firm will operate under the Ronco name under the same senior management team led by Ronco CEO Richard F. Allen Sr.
The deal was put together by Sanders Morris Harris.
Ronco sells products for the kitchen and home, mostly through infomercials.
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