Cinedigm Stockholders Approve Bison Transaction
August 31 2017 - 5:29PM
Business Wire
Cinedigm Corp. (NASDAQ: CIDM) announced today that the
proposal included in its recent proxy to issue 20,000,000 shares to
sell to Bison Entertainment Investment Limited, the wholly owned
subsidiary of Bison Holding Company Ltd. (“Bison Capital”), has
been approved by the Company’s stockholders at their annual
meeting. The Company has agreed to sell to Bison Capital 20,000,000
shares (the “Shares”) of Cinedigm’s Class A common stock, par value
$0.001 per share, for an aggregate purchase price of up to
$30,000,000, of which up to 400,000 of the Shares may be sold to
members of the Company’s management instead of Bison Capital.
The transaction, when consummated, will result in Bison having
majority voting control of Cinedigm and 2 of 7 seats on the
Cinedigm Board of Directors.
Chris McGurk, Cinedigm Chairman and Chief Executive Officer,
noted, “We believe this transaction with Bison will be game
changing for Cinedigm as it will create multiple significant
financial, strategic and operational opportunities for the
Company.”
The Bison transaction is subject to certain other approvals
including CFIUS review (Committee on Foreign Investment in the
United States).
About Cinedigm:
Cinedigm powers custom content solutions to the world’s largest
retail, media and technology companies. We provide premium feature
films and series to digital platforms including iTunes, Netflix,
and Amazon, cable and satellite providers including Comcast, Dish
Network and DirecTV, and major retailers including Walmart and
Target. Leveraging Cinedigm’s unique capabilities, content and
technology, the Company has emerged as a leader in the fast-growing
over-the-top (OTT) channel business, with four channels under
management that reach hundreds of millions of devices while also
providing premium content and service expertise to the entire OTT
ecosystem. Learn more about Cinedigm at www.cinedigm.com.
www.cinedigm.com. [CIDM-E]
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170831006429/en/
Cinedigm CorporationJill Newhouse Calcaterra,
310-466-5135jcalcaterra@cinedigm.com
Cinedigm (NASDAQ:CIDM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Cinedigm (NASDAQ:CIDM)
Historical Stock Chart
From Apr 2023 to Apr 2024