Cinedigm Completes Stock Repurchase
December 01 2017 - 09:00AM
Business Wire
Cinedigm Corp. (NASDAQ: CIDM) (the "Company" or "Cinedigm")
today announced the settlement in full of the shares it purchased
pursuant to the previously announced forward stock purchase
transaction (the "Forward Stock Purchase Transaction") in April
2015. Pursuant to the Forward Stock Purchase Transaction, the
Company purchased 1,179,138 (adjusted for the Company's reverse
stock split in May 2016) shares of its Class A common stock from
Société Générale (the "Forward Counterparty") in order to
facilitate privately negotiated derivative transactions between the
Forward Counterparty and holders of the Company's 5.5% Convertible
Notes due 2035, all of which were recently cancelled, as previously
announced. In light of such cancellations, the Forward Counterparty
has settled all of such shares earlier than the contractual
settlement date of April 2020 by delivering the shares to the
Company. The shares have been placed in treasury and are no longer
outstanding.
"We are pleased that the forward purchase facility served its
purpose and is now concluded, resulting in fewer shares outstanding
and a slight increase in existing shareholders' ownership
percentage," said Chris McGurk, Cinedigm Chairman and CEO.
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 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
Cinedigm™ and Cinedigm Digital Cinema Corp™ are trademarks of
Cinedigm Corp. www.cinedigm.com. [CIDM-G]
Safe Harbor Statement
Investors and readers are cautioned that certain statements
contained in this document are "forward-looking" statements within
the meaning of the Private Securities Litigation Reform Act of 1995
(the "Act"). Forward-looking statements include statements that are
predictive in nature, which depend upon or refer to future events
or conditions, which include words such as "expects,"
"anticipates," "intends," "plans," "could," "might," "believes,"
"seeks," "estimates" or similar expressions. In addition, any
statements concerning completion of the transactions described in
this document, future financial performance (including future
revenues, earnings or growth rates), ongoing business strategies or
prospects, and possible future actions, which may be provided by
Cinedigm's management, are also forward-looking statements as
defined by the Act. Forward-looking statements are based on current
expectations and projections about future events and are subject to
various risks, uncertainties and assumptions about Cinedigm, its
technology, economic and market factors and the industries in which
Cinedigm does business, among other things. These statements are
not guarantees of future performance and Cinedigm undertakes no
specific obligation or intention to update these statements after
the date of this release.
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version on businesswire.com: http://www.businesswire.com/news/home/20171201005176/en/
CinedigmJill Newhouse Calcaterra,
310-466-5135jcalcaterra@cinedigm.com
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