Vimicro (VIMC) to Spin-Off Mobile Unit, Will Receive $1.5M in Cash; Stock Halted
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Vimicro (Nasdaq: VIMC) announces intention to spin off its mobile unit into a new joint venture. The spin off will involved a workforce reduction of about 180-200 employees, or about 21-23 percent of the total headcount.
The company expects to receive about $1.5 million in cash from the sale. Sees one-time restructuring costs of about $3 million.
The stock was halted prior to the news release.
The company expects to receive about $1.5 million in cash from the sale. Sees one-time restructuring costs of about $3 million.
The stock was halted prior to the news release.
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