Sky-mobi Limited Announces Completion Of Merger

HANGZHOU, China, Nov. 16, 2016 (GLOBE NEWSWIRE) -- Sky-mobi Limited ("Sky-mobi" or the "Company") (Nasdaq:MOBI), a mobile application platform and game publisher in China, today announced the completion of the merger contemplated by the previously announced agreement and plan of merger dated August 22, 2016 (the "Merger Agreement"), among the Company, Amber Shining Investment Limited ("Parent") and Power Rich Limited.  As a result of the merger, the Company ceased to be a publicly traded company and became a wholly owned subsidiary of Parent.

Under the terms of the Merger Agreement, which was approved by the Company's shareholders at an extraordinary general meeting held on November 16, 2016, each of the Company's shares, par value $0.00005 per share (each, a "Share" and collectively, the "Shares") issued and outstanding immediately prior to the effective time of the merger was cancelled and ceased to exist in exchange for the right to receive US$0.275 per Share in cash without interest and net of any applicable withholding taxes, and each American depositary share of the Company (the "ADS" and collectively, the "ADSs"), representing eight Shares, was cancelled in exchange for the right to receive US$2.2 per ADS (less a US$0.05 per ADS cancellation fee) in cash without interest and net of any applicable withholding taxes, except for (a) the Shares held by Mr. Michael Tao Song, chairman and chief executive officer of the Company, Xplane Ltd., Mobi Joy Limited, the Company or any of its subsidiaries (including such Shares represented by ADSs) immediately prior to the effective time of the merger, which were cancelled and ceased to exist without payment of any consideration or distribution therefor, and (b) the Shares held by shareholders who had validly exercised and not effectively withdrawn or lost their rights to dissent from the merger in accordance with Section 238 of the Companies Law of the Cayman Islands (the "Dissenting Shares"), which were cancelled and ceased to exist in exchange for the right to receive payment of the fair value of such Dissenting Shares as determined in accordance with the provisions of Section 238 of the Companies Law of the Cayman Islands.

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