SINA (SINA) Announces $180M In Equity Financing, Lets Focus Media Holding (FMCN) Deal Expire
SINA Corporation (Nasdaq: SINA) entered into a definitive agreement for a private equity placement of its ordinary shares with New-Wave Investment Holding Company Limited, a British Virgin Islands company established and controlled by Charles Chao, SINA's Chief Executive Officer, and other members of SINA's management. At the closing, SINA will receive gross proceeds of $180 million, and New-Wave will receive approximately 5.6 million ordinary shares in SINA.
Seperaltay, SINA announced today that the Company and Focus Media Holding Limited (Nasdaq: FMCN) have jointly reached a decision to not extend the deadline of the agreement announced on December 22, 2008, by which the Company agreed to acquire substantially all of the assets of Focus Media's digital out-of-home advertising networks.
Seperaltay, SINA announced today that the Company and Focus Media Holding Limited (Nasdaq: FMCN) have jointly reached a decision to not extend the deadline of the agreement announced on December 22, 2008, by which the Company agreed to acquire substantially all of the assets of Focus Media's digital out-of-home advertising networks.
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