BEIJING, July 8, 2016 /PRNewswire/ -- Ku6 Media Co., Ltd.
("Ku6 Media" or the "Company," NASDAQ: KUTV), a
leading internet video company focused on User Generated Content in
China, announced today that, at an
extraordinary general meeting held today, the Company's
shareholders voted in favor of the proposal to authorize and
approve the previously announced Agreement and Plan of Merger (the
"Merger Agreement") dated as of April
5, 2016, among the Company, Shanda Investment Holdings
Limited ("Parent") and Ku6 Acquisition Company Limited, a
wholly owned subsidiary of Parent ("Merger Sub"), pursuant
to which Merger Sub will be merged with and into the Company with
the Company continuing as the surviving company (the
"Merger") and to authorize and approve any and all
transactions contemplated by the Merger Agreement, including the
Merger.
Approximately 70.88% of the Company's total outstanding ordinary
shares of the Company entitled to vote at the extraordinary general
meeting voted in person or by proxy at today's extraordinary
general meeting. Of those ordinary shares, approximately 99.67%
were voted in favor of the proposal to authorize and approve the
Merger Agreement and any and all transactions contemplated by the
Merger Agreement, including the Merger.
The parties currently expect to complete the Merger within
July 2016, subject to the
satisfaction or waiver of the conditions set forth in the Merger
Agreement. Upon completion of the Merger, the Company will become a
privately held company and its American depositary shares, each
representing 100 ordinary shares, will no longer be listed on
NASDAQ.
About Ku6 Media Co., Ltd.
Ku6 Media Co., Ltd. (NASDAQ: KUTV) is a leading internet
video company in China focused on
User Generated Content. Through its premier online brand and online
video website, www.ku6.com, Ku6 Media provides online video
uploading and sharing services, video reports, information and
entertainment in China. For more
information about Ku6 Media, please visit http://ir.ku6.com
.
Forward-looking Statements
This news release contains statements of a forward-looking
nature. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by
terminology such as "believes," "could," "expects," "may," "might,"
"should," "will," or "would," and by similar statements.
Forward-looking statements are not historical facts, but instead
represent only the Company's beliefs regarding future events, many
of which, by their nature, are inherently uncertain and outside of
its control. It is possible that the Company's actual results and
financial condition may differ, possibly materially, from the
anticipated results and financial condition indicated in these
forward-looking statements. Some of the risks and important factors
that could affect the Company's future results and financial
condition include: there is substantial doubt as to our ability to
continue as a going concern; we rely on Huzhong for substantially
all of our revenues; our business models have experienced
significant changes; we require a significant amount of cash to
fund our operations; we cannot assure you that we can meet our
working capital requirements or other capital needs through
additional financings in amounts or on terms acceptable to us, or
at all; continued competitive pressures in China's internet video portal market; changes
in technology and consumer demand in this market; regulatory
changes in China with respect to
the operations of internet video portal websites; the success of
Ku6 Media's ability to sell advertising and other services on its
websites; and other risks outlined in the Company's filings with
the Securities and Exchange Commission, including the Company's
annual report on Form 20-F. Ku6 Media does not undertake any
obligation to update this forward-looking information, except as
required under law.
For further information, please contact:
Ms. Wendy Xuan
Investor Relations Manager
Ku6 Media Co., Ltd.
Telephone: +86-10-5758-6819
ir@ku6.com
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SOURCE Ku6 Media Co., Ltd.