Foundation owns and operates 21 outpatient surgery centers and surgical hospitals in seven states. Graymark and Foundation signed a letter of intent to merge in August, but have pushed back the closing date several times.
The reverse merger with Graymark would allow the privately held Foundation to become .
In the proposed deal's latest terms, Graymark would give Foundation 98.5 million shares of stock to purchase Foundation. The new company would be called Foundation/Graymark and primarily focus on Foundation's surgical business.
A call to Foundation's Oklahoma City headquarters was not returned on Tuesday.
Graymark had 104 sleep clinics in 10 states as of January. Graymark has about 55 employees in Oklahoma City, Royer said Tuesday.
The Nasdaq Stock Market delisted Graymark's stock in November for failing to meet minimum stock price requirements.
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Like any business transaction of this nature, there are significant steps to get us there and it's just a matter of timing.”
Graymark's Chief Operating Officer