Zoom (ZOOM), Spreadtrum (SPRD) Enter Int'l Partnership; Zoom Acquires 8.3% Stake in Zoom
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Zoom Technologies, Inc. (Nasdaq: ZOOM), announced that Spreadtrum Communications, Inc. (Nasdaq: SPRD), has partnered with Zoom Technologies to pursue new business opportunities in overseas markets. In tandem, Spreadtrum has purchased an 8.3% stake in Zoom Technologies.
Spreadtrum purchased 1,676,300 newly issued unregistered shares of Zoom common stock at $1.73 per share, which is the average closing price of Zoom for the 20 consecutive trading days from September 20 through October 17, 2011. Post transaction, Spreadtrum will hold 8.3% of Zoom. Considered a long-term investment from Spreadtrum, no registration rights or warrants are attached to this purchase of Zoom common stock.
Spreadtrum purchased 1,676,300 newly issued unregistered shares of Zoom common stock at $1.73 per share, which is the average closing price of Zoom for the 20 consecutive trading days from September 20 through October 17, 2011. Post transaction, Spreadtrum will hold 8.3% of Zoom. Considered a long-term investment from Spreadtrum, no registration rights or warrants are attached to this purchase of Zoom common stock.
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