The Orchard is New York’s newest publicly traded Internet company, courtesy of a merger with Digital Music Group (DMGI) that shareholders approved this afternoon.
The new company should begin trading on the Nasdaq as (ORCD) tomorrow; it won’t formally change its name to The Orchard for a month or two, says former and current Orchard CEO Greg Scholl.
Following the merger, Orchard shareholders were expected to own 60% of the new company. The Orchard, which provides digital distribution for indie music labels, had been owned by Dimensional Associates/JDS Capital Management, which still own eMusic and eMusicLive. Release