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August 31, 2012
10:00 EDTATVAcorn International falls 6.5%
Acorn International is down 6.5%, or 19c, to $2.74
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May 28, 2015
08:22 EDTATVAcorn International reaches separation agreement with former CEO
Acorn International entered into a Transitional Services and Separation Agreement with former chairman and CEO Don Dongjie Yang. Yang, has agreed to provide Acorn various services to facilitate a transition in management and governance of Acorn and its various subsidiaries and consolidated affiliated variable interest entities. Yang will procure the transfer of all interests in Acorn's four VIEs to two individuals, Kuan Song and Pan Zong, to serve as the VIE's replacement nominee shareholders. Kuan Song and Pan Zong will respectively hold 90% and 10% of the equity interest in each of the VIEs. Acorn and its wholly owned subsidiaries will continue to be able to direct the day-to-day operational and financial activities of its VIEs. Acorn will also acquire the 6,518,656 Acorn ordinary shares held by Yang for nominal aggregate consideration of $1.00. These shares represent approximately 7.3% of Acorn's total outstanding ordinary shares. These ordinary shares, equivalent to 2,172,885 ADSs, had a value of approximately $3.3M. Acorn has agreed to pay Yang $750K as a severance payment.

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