Sky-mobi Announces Repurchase of 1,308,781 ADSs from Sequoia Capital and Adoption of 2016 Share Incentive Plan
April 27 2016 - 10:46PM
Sky-mobi Limited (“Sky-mobi” or the “Company”) (NASDAQ:MOBI), a
mobile application platform and game publisher in China, today
announced that it has entered into a share purchase agreement to
repurchase from its shareholders, Sequoia Capital China Partners
Fund II, L.P., Sequoia Capital China Principals Fund II, L.P. and
Sequoia Capital China II, L.P., an aggregate of 1,308,781 ADSs,
each representing eight common shares of par value US$0.00005 per
share of the Company, at a purchase price of US$2.00 per ADS (the
“Share Repurchase Transaction”). The Share Repurchase Transaction
is expected to be closed within 20 business days. The Share
Repurchase Transaction is not part of the US$20 million share
repurchase program announced in May 2014. The Company may, from
time to time, repurchase shares on the open market, in negotiated
transactions or otherwise in compliance with all of the conditions
of Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of
1934, as amended, pursuant to the US$20 million share repurchase
program.
In addition, the board of directors of the Company (the “Board”)
has adopted the 2016 Share Incentive Plan (the “2016 Plan”), to
motivate, attract, and retain employees, directors and consultants
and promote the success of the Company’s business. The maximum
number of common shares that could be issued pursuant to all awards
under the 2016 Plan is 15,000,000. The Board expects the awards
under the 2016 Plan to be made mainly to the Company’s employees
that are not directors or officers and awards granted to such
employees shall not exceed the number of common shares the Company
may repurchase on the open market, in privately negotiated
transactions or otherwise from time to time, including the Share
Repurchase Transaction.
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, including statements relating to the Company's business
outlook, 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 China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
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