BEIJING and DALLAS, July 2, 2013 /PRNewswire/ -- NQ Mobile Inc. (NYSE: NQ) ("NQ Mobile" or the "Company"), a leading global provider of mobile Internet services, today announced additional important steps as part of a continued focus to better align the capital markets with the Company's fast-growing fundamentals.
"As a company, we have been working tirelessly and continue to take the necessary steps to carry out our focus of generating shareholder returns," said Co-Chief Executive Officer and Founder Dr. Henry Lin. "Securing a large institutional shareholder based in Hong Kong is just one of the necessary steps and we are excited to announce and welcome funds managed by Atlantis, as new anchor shareholders."
Founded in 1994, Atlantis is a Hong Kong-based independent asset management firm focused on Asian equities with about US$3.2 billion assets under management. Certain funds managed by Atlantis have, in aggregate, purchased both directly from the Company and in the open market the equivalent of approximately 2,500,000 American Depository Shares (ADSs)."After extensive due diligence on the industry, the Company and the management team, we believe NQ Mobile represents an attractive investment opportunity for our investors to enjoy the value created by the fast-growing mobile Internet industry in Asia and globally," said Yang Liu, Chairman and Chief Investment Officer of Atlantis. "We look forward to continued strong execution by the NQ Mobile management team and their delivery of great results for the Company's shareholders." Certain funds managed by Atlantis have agreed to purchase directly from the Company the equivalent of 1,500,000 ADSs (or 7,500,000 Class A common shares) for a total cash consideration of US $12 million. The shares to be issued in the private placement have not been registered under the Securities Act of 1933, as amended, and may not be sold by the funds managed by Atlantis in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements.
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