SHANGHAI, July 22, 2020 /PRNewswire/ -- Acorn
International, Inc. (NYSE: ATV) ("Acorn" or the "Company"), a
leading marketing and branding company in China, today announced that it has terminated
its previously authorized 10b5-1 share repurchase program due to
questions and information Acorn has received suggesting that a new
take private offer for the Company may be forthcoming soon.
Accordingly, the Company has determined, out of an abundance of
caution, that it would be prudent to terminate the share repurchase
program.
Acorn's Board of Directors originally authorized the repurchase
of up to US$2.5 million worth of its
American depositary shares ("ADSs") over a 12-month period. As of
July 20, 2020, the Company had
purchased approximately 10,000 ADSs at an average price of
US$14.34 per ADS.
About Acorn International, Inc.
Acorn International is a leading marketing and branding company
in China, leveraging a twenty-year direct marketing history to
monetize brand IP, content creation and distribution, and product
sales, through digital media in China. For more information
visit www.acorninternationalgroup.com.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
This news release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "anticipates," "believes,"
"estimates," "expects," "future," "going forward," "intends,"
"outlook," "plans," "target," "will," "potential," and similar
statements, and include Acorn's expectation that a revised take
private offer for the Company may be forthcoming soon. Such
statements are based on current expectations and current market and
operating conditions, and relate to events that involve known or
unknown risks, uncertainties, and other factors, all of which are
difficult to predict and many of which are beyond Acorn's control,
including the extent and duration of the adverse impact of
COVID-19, the availability of financing, and the performance of the
capital markets in the U.S. and elsewhere, each of which may cause
actual results, performance, actions, or achievements to differ
materially from those in the forward-looking statements. Further
information regarding these and other risks, uncertainties, or
factors is included in the Company's filings with the U.S.
Securities and Exchange Commission. The Company does not undertake
any obligation to update any forward-looking statement as a result
of new information, future events, or otherwise, except as required
by law.
Investor Contacts:
Contact:
Compass Investor
Relations
Ms. Elaine Ketchmere,
CFA
Phone:
+1-310-528-3031
Email: Eketchmere@compass-ir.com
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SOURCE Acorn International, Inc.
