Cinedigm Closes First Tranche of Agreement to Acquire 29% Stake in Leading Chinese Entertainment Company Starrise Media
Cinedigm Corp - Class A (CIDM)
Last cinedigm corp - class a earnings: 2/13 04:05 pm
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Source: GlobeNewswire
LOS ANGELES, Feb. 18, 2020 (GLOBE NEWSWIRE) -- Cinedigm Corp. (NASDAQ: CIDM) today announced the Company has closed on a portion of the transactions contemplated by the Stock Purchase Agreement signed on Friday, December 27, 2019 to acquire approximately 29% of the outstanding equity of leading Chinese entertainment company Starrise Media Holdings Limited (Starrise) (1616. HK) from two existing holders in an all-stock transaction valued at approximately US$68 million (1.). On February 14, 2020, the Company closed on the purchase of 162,162,162 Starrise shares and issued 21,646,604 shares of Common Stock as consideration on February14, 2020, and expects to close on the remainder of the Starrise shares as soon as practicable. Starrise’s ordinary shares are listed on the main board of the Stock Exchange of Hong Kong Limited. In calendar year 2018, Starrise reported approximately US $139 million in total revenues and gross profits of US $31 million, a 97% increase from 2017 revenues a
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