Sky-mobi Limited Forms A Special Committee to Review Preliminary Non-Binding “Going Private” Proposal
June 27 2016 - 8:30AM
Sky-mobi Limited ("Sky-mobi" or the "Company") (Nasdaq:MOBI),
a mobile application platform and game publisher in China,
today announced that its board of directors (the "Board”) has
formed a special committee (the “Special Committee”) to consider
the previously announced preliminary non-binding "going private"
proposal (the “Proposal”) that the Board received on June 23, 2016
from Mr. Michael Tao Song, chairman and chief executive
officer of Sky-mobi, Xplane Limited and Mobi Joy Limited
(collectively, the “Buyer Group”) proposing a “going private”
transaction to acquire all of the outstanding common shares of
Sky-mobi not already beneficially owned by the Buyer Group.
The Special Committee is composed of Mr. Wei Zhou, who is an
independent director of the Company and is unaffiliated with the
Proposal, and Mr. Carl Yeung, who is a non-executive and
disinterested director of the Company and is unaffiliated with the
Proposal. Mr. Zhou will chair the Special Committee. The
Special Committee intends to retain independent legal and financial
advisors to assist it in the process of reviewing and evaluating
the Proposal.
The Board cautions the Company's shareholders
and others considering trading in the Company’s securities that
neither the Board nor the Special Committee has made any decision
with respect to the Company's response to the Proposal. There can
be no assurance that any definitive offer will be made by members
of the Buyer Group or any other person, that any definitive
agreement will be executed relating to the proposed transaction, or
that the proposed transaction or any other transaction will be
approved or consummated. The Company does not undertake any
obligation to provide any updates with respect to this or any other
transaction, except as required under applicable law.
Safe Harbor Statement
This announcement contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. In some
cases, you can identify forward-looking statements by such terms as
"may," "will," "believes," "expects," "anticipates," "intends,"
"estimates," "plans," "continues" or other similar expressions, the
negative of these terms, or other comparable terminology. Such
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those projected. These
forward-looking statements are based on current expectations,
assumptions, estimates and projections about the Company and its
industry. The Company undertakes no obligation to update
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law.
About Sky-mobi Limited
Sky-mobi Limited is a mobile application
platform and game publisher in China. The Company works with
handset companies to pre-install its Maopao App Store and other
Maopao applications on handsets and with content providers to
provide users with applications and content titles. Users of Maopao
App Store can browse, download and enjoy a range of applications
and content, such as single-player games, mobile music and books on
various mobile handsets with different hardware and operating
system configurations. The Company also publishes domestic and
foreign game titles through its own Maopao App Store platform and
third party platforms. The Company's mobile social network
community in China, the Maopao Community, offers mobile social
games as well as applications and content with social networking
functions to its registered users. The Company is based in
Hangzhou, China. For more information, please visit:
www.sky-mobi.com.
For investor and media inquiries please contact:
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
E-mail: lbergkamp@christensenir.com
Mobius Management (NASDAQ:MOBI)
Historical Stock Chart
From Sep 2024 to Oct 2024
Mobius Management (NASDAQ:MOBI)
Historical Stock Chart
From Oct 2023 to Oct 2024