MeetMe Announces California Business of Oversight Approval of Skout Acquisition
September 15 2016 - 9:00AM
Business Wire
Company Buys Back $2 Million of its Common
Stock
MeetMe, Inc. (NASDAQ: MEET), a public market leader for social
discovery, announced today that the California Department of
Business Oversight has determined that the terms and conditions of
the offer and sale of MeetMe common stock in its proposed merger
with Skout, Inc. are fair, and that the Department has issued a
permit authorizing MeetMe to issue shares of common stock in the
merger. The determination was made at the conclusion of a fairness
hearing conducted under Section 25121 of the California
Corporations Code.
The issuance of the permit will allow for the shares of MeetMe
common stock to be issued in reliance upon an exemption from
registration afforded by Section 3(a)(10) of the Securities Act of
1933, as amended, such that MeetMe will not need to register such
shares under the Securities Act.
The proposed merger remains subject to the approval of Skout’s
shareholders and the satisfaction of certain other customary
closing conditions. MeetMe expects the acquisition to close in
early October 2016.
MeetMe also announced today that it has repurchased
approximately $2 million worth of its common stock in the open
market since announcing its $15 million share repurchase program on
September 6, 2016.
About MeetMe, Inc.
MeetMe® is a leading social network for meeting new people in
the US and a public market leader for social discovery (NASDAQ:
MEET). MeetMe makes it easy to discover new people to chat with on
mobile devices. With approximately 90 percent of traffic coming
from mobile and more than one million total daily active users,
MeetMe is fast becoming the social gathering place for the mobile
generation. MeetMe is a leader in mobile monetization with a
diverse revenue model comprising advertising, native advertising,
virtual currency, and subscription. MeetMe apps are available on
iPhone, iPad, and Android in multiple languages, including English,
Spanish, Portuguese, French, Italian, German, Chinese (Traditional
and Simplified), Russian, Japanese, Dutch, Turkish and Korean. For
more information, please visit meetmecorp.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding whether we will
close the acquisition of Skout, Inc. as anticipated. All statements
other than statements of historical facts contained herein are
forward-looking statements. The words “believe,” “may,” “estimate,”
“continue,” “anticipate,” “intend,” “should,” “plan,” “could,”
“target,” “potential,” “project,” “is likely,” “expect” and similar
expressions, as they relate to us, are intended to identify
forward-looking statements. We have based these forward-looking
statements largely on our current expectations and projections
about future events and financial trends that we believe may affect
our financial condition, results of operations, business strategy
and financial needs. Important factors that could cause actual
results to differ from those in the forward-looking statements
include the risk that our applications will not function easily or
otherwise as anticipated, the risk that we will not launch
additional features and upgrades as anticipated, the risk that
unanticipated events affect the functionality of our applications
with popular mobile operating systems, any changes in such
operating systems that degrade our mobile applications’
functionality and other unexpected issues which could adversely
affect usage on mobile devices. Further information on our risk
factors is contained in our filings with the Securities and
Exchange Commission, including the Form 10-K for the year ended
December 31, 2015 and the Form 10-Q for the quarter ended June 30,
2016. Any forward-looking statement made by us herein speaks only
as of the date on which it is made. Factors or events that could
cause our actual results to differ may emerge from time to time,
and it is not possible for us to predict all of them. We undertake
no obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or
otherwise, except as may be required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20160915005386/en/
MKR Group Inc.Todd Kehrli or Jim
Byers323-468-2300meet@mkr-group.com
Meet (NASDAQ:MEET)
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