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Cinedigm Stockholders Approve Bison Transaction

4 Sep, 2017 By: Stephanie Prange



Cinedigm has announced the stockholder approval of its proposal to issue and sell 20 million shares to Bison Entertainment Investment Limited.

The company has agreed to sell to Bison Class A common stock for an aggregate purchase price of up to $30 million, of which up to 400,000 of the Shares may be sold to members of the company’s management instead of Bison. The transaction, when consummated, will result in Bison having majority voting control of Cinedigm and two of seven seats on the Cinedigm board of directors.

“We believe this transaction with Bison will be game changing for Cinedigm as it will create multiple significant financial, strategic and operational opportunities for the company,” Chris McGurk, Cinedigm chairman and CEO, said in a statement.

The Bison transaction is subject to certain other approvals, including CFIUS review (Committee on Foreign Investment in the United States).

 


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