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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sky-Mobi Limited ADS (MM) | NASDAQ:MOBI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.14 | 2.13 | 2.16 | 0 | 01:00:00 |
The Buyer Group beneficially owns an aggregate of approximately 54.3% of the Company's issued and outstanding common shares.
The Board cautions the Company's shareholders and others considering trading in its securities that the Board just received the non-binding proposal letter from the Buyer Group and no decisions have been made with respect to the Company's response to the Transaction. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this 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 ChinaMr. Christian ArnellPhone: +86-10-5900-1548E-mail: carnell@christensenir.com
In USMs. Linda BergkampPhone: +1-480-614-3004E-mail: lbergkamp@christensenir.com
Exhibit A
Non-binding Proposal Letter from the Buyer Group
June 23, 2016The Board of DirectorsSky-mobi Limited10/F, Building B, United MansionNo. 2, Zijinghua Road, HangzhouZhejiang 310013People’s Republic of China
Dear Members of the Board:
We, Mr. Michael Tao Song, Xplane Limited and Mobi Joy Limited, are pleased to submit this preliminary non-binding proposal to acquire all of the outstanding common shares (including American Depositary Shares (“ADS”), with each ADS representing eight common shares) of Sky-mobi Limited (the “Company”) not already owned by us in a going private transaction (the “Transaction”) described below. We currently beneficially own approximately 54.3% of the issued and outstanding common shares of the Company.
We believe our proposal provides a very attractive opportunity for the Company’s shareholders. Our proposal represents a premium of approximately 19.32% to the closing price of the ADSs on June 22, 2016. We are confident that the Transaction can be closed on a highly expedited basis as outlined in this letter.
Set forth below are the key terms of our proposal.
In closing, we would like to express our commitment to working with you to bring the Transaction to a successful and timely conclusion. Should you have any questions regarding this proposal, please do not hesitate to contact us. We look forward to hearing from you.
Sincerely,
Michael Tao Song
/s/ Michael Tao Song
Xplane Limited
By: /s/ Michael Tao Song Name: Michael Tao Song Title: Authorized Signatory
Mobi Joy Limited
By: /s/ Michael Tao Song Name: Michael Tao Song Title: Director
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