LookSmart To Spin Off Ops, Get Acquired By Greek Shipper

gained 34 percent Friday after the micro-cap digital advertising company said it will spin off its operations to shareholders and get acquired by privately held Pyxis Tankers Inc., a Greek shipping company. LookSmart, which has seen steep losses and spotty revenue in each of the past five quarters, traded recently at $1.91, up $0.38 (25 percent). Following the deal, Pyxis will become a publicly traded company under the name Maritime Technologies Corp. Current LookSmart shareholders will own a 5.66 percent stake in Maritime Technologies Corp. LookSmart has a current market capitalization of about $9 million. Prior to the merger, newly formed Pyxis Tankers Inc. will acquire a fleet of six double-hull tankers from its chief executive officer Valentios Valentis. Valentis is also the chief executive of Athens-based Pyxis Maritime Corp., founded in 2007. Each of the vessels each of the vessels to be acquired can transport petroleum products as well as other liquid bulk items, such as vegetable oils and organic chemicals, LookSmart said.