KIT digital (KITD) Trades Higher; New Board Appointees Leads to Standstill Agreement w/ JEC, Costa Brava

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KIT digital (Nasdaq: KITD) shares are ripping Tuesday following a release from the company earlier that shareholders Seth W. Hamot, the Managing Member of Roark, Rearden & Hamot, LLC, the General Partner of Costa Brava Partnership III L.P., and K. Peter Heiland, Managing Director of JEC Capital Partners, LLC, have joined the company's Board as new directors.

KIT also said that "In connection with Messrs. Hamot and Heiland joining the KIT digital Board, KIT digital, Mr. Hamot, Costa Brava, Mr. Heiland, JEC, and their related parties have entered into a standstill agreement."

The company also noted that Director Joseph E. Mullin III resigned.

Shares of KIT are up over 20 percent on the session.

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