NQ Mobile Inc Says It Remains Committed To Stock Buyback

NQ Mobile Inc Says It Remains Committed To Stock Buyback

NQ Mobile Inc (ADR) (NYSE:NQ) announced today that it remains committed in buying back its shares when it becomes possible following the opening of its trading window and in compliance with all regulatory requirement.

According to the management of the Chinese mobile internet service provider, NQ Mobile Inc (ADR) (NYSE:NQ) is committed to its shares repurchase plan announced in November last year.

NQ Mobile has no plans to issue additional shares

The Chinese mobile internet service provider added that it has no current plans to issue additional shares beyond those related its acquisitions and investments disclosed in its recent Form 20F with the Securities and Exchange Commission (SEC) dated October 27, 2014.

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Furthermore, NQ Mobile Inc (ADR) (NYSE:NQ) indicated that its annual general meeting has been scheduled on December 19, 2014. According to the company, the only resolution proposed was related to its authorized share capital and the increase in the first extension after the initial authorization, which happened before its initial public offering (IPO).

The management said they will provide a detailed update regarding NQ Mobile’s plans when they report its quarterly financial results for the first, second and theird quarter of 2014.

NQ Mobile rejected go-private offer by Bison Capital

Last month, the board of directors of NQ Mobile Inc (ADR) (NYSE:NQ) formally rejected that the go-private offer of Bison Capital citing the reason that the company is best-positioned to maximize value for its shareholders as a public company.

The Chinese internet service provider also indicated that it remained active in negotiating with Bison Capital regarding alternative opportunities for investment and collaboration. NQ Mobile Inc (ADR) (NYSE:NQ) emphasized that its board continues to review strategic alternatives at a broader level.

NQ Mobile sold a portion of FL Mobile

NQ Mobile Inc (ADR) (NYSE:NQ) also revealed the completion of the sale of 3.58% of FL Mobile to Bison Mobile Limited, a unit of Bison Capital for $15 million.

The Chinese internet service provider also sold 0.92% of FL Mobile to other third-party investors for $3.58 million.

NQ Mobile Inc (ADR) (NYSE:NQ) said the current value of FL Mobile is $418.85 million. The company added that it may sell additional equity interest in FL Mobile worth as much as $6.15 million to other investors as part of its shares purchase agreement with NQ Mobile.

NQ Mobile may sell additional equity to other investors within 60 days after the completion of its deal with Bison Capital.

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