VisionChina (VISN) Says Ledman Shareholders Approved Mobile TV Ad Unit Transaction
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
VisionChina Media Inc. (Nasdaq: VISN) announced that it has been informed by Ledman Optoelectronic Co., Ltd. ("Ledman") that the proposed purchase of 49% equity interests in the Company's subway mobile TV advertising business (the "Transaction") by Ledman was approved at the Ledman shareholders' meeting on September 5, 2016.
As previously announced on August 22, 2016, the Company's consolidated variable interest entity, VisionChina Media Group Co., Ltd. ("VisionChina Media Group") entered into a new equity transfer agreement (the "Equity Transfer Agreement") and a new profit compensation agreement with Ledman in connection with the Transaction.
The Company expects to consummate the Transaction in the fourth quarter 2016. The consummation of the Transaction remains subject to the other conditions provided in the Equity Transfer Agreement. There is no assurance that all of such conditions will be satisfied within the expected time frame, or at all.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Neovasc (NVCN) Agrees to Sell Tissue Processing Tech to Boston Scientific (BSX) in $75M Deal
- Skyline Medical (SKLN) Appoints New CEO, Board Member
- Porter Bancorp (PBIB) Shares Active Following Kentucky Court of Appeals Verdict
Create E-mail Alert Related CategoriesCorporate News, Spinoffs
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!