Cinedigm Signs Definitive Stock Purchase 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, Jan. 02, 2020 (GLOBE NEWSWIRE) -- Cinedigm Corp. (NASDAQ: CIDM) today announced the Company signed a definitive Stock Purchase Agreement 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. The Company has agreed to issue to the sellers, as consideration, a total of 54,850,103 shares of its Class A Common Stock, par value $0.001 per share (the “Common Stock”). The Stock Purchase Agreement contains certain conditions to closing, including that the Company obtain approval of its stockholders, applicable lenders, and regulatory authorities, as applicable. The Company expects to obtain the approval of the Share Acquisition by the Company’s majority stockholder and to mail a copy of an information statement relating thereto to its stockholders. “Now that we have signed the definitive agreement to acquire approximately 29
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