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Stock Market & Financial Investment News

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December 24, 2012
11:28 EDTATVAcorn jumps after announcing private purchase of 2.62M ADSs
Acorn International announced earlier that it had, through its wholly-owned subsidiary China DRTV, agreed to purchase via a negotiated transaction a total of 7,859,550 ordinary shares, equivalent to 2,619,850 American Depositary Shares, in the form of ordinary shares and ADSs from a limited number of former company employees and their affiliates, representing the entire shareholdings in the company held by such individuals. The purchase price of $1.10 per ordinary share, equivalent to $3.30 per ADS, was established based on, among other factors, a discount of 15.2 % to the company's cash assets value per share as of September 30. The company entered into the transaction to remove significant selling shareholder overhang with an aim to prevent its trading price from dramatic fluctuation, the company stated. The transaction was reviewed and approved by Acorn's board of directors, none of whom has an interest in the transaction, the company added. In late morning trading shares of Acorn International trading in New York are up 48c, or 21.71%, to $2.69.
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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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