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Ramallah – Donia Al Watan
Jax Pacific (NASDAQ: JAKK) ("the Company") announced the signing of a number of definitive and binding agreements (collectively referred to as "recapitalization") between Wells Fargo Bank. , National Association (known as Wells Fargo), Oasis Investments II Master Fund Limited (hereinafter referred to as "Oasis") and a dedicated group of convertible premium bondholders (Next come the "Ad Hoc Group" ( 4.875% by 2020 ("2020 Bonds") The agreement aims to recapitalize the company's balance sheet, including by increasing additional liquidity and all outstanding debts of the company for three years.
Stephen Berman, CEO and co-founder of JAX, thanked all the participants in the recapitalization, as well as all shareholders of the company for their unwavering support and patience. "Thanks to this transaction, we can firmly and resolutely pursue our short and long-term business objectives, and we are delighted to be able to devote all our energy to these tasks."
Andrew Axelrod, managing partner of AXAR Capital, a member of the ad hoc group, who will be responsible for the recapitalization of the company, congratulated the company on its recapitalization agreement. We look forward to working with the company to implement its business plan in the months and years to come. "
As previously described in this report, in accordance with Form 8K of February 26, 2019, the current report to Form 8K of May 9, 2019 and the current report to Form 8K of June 24, 2019, of the Special Committee of the Board of Directors ( (Hereinafter referred to as the "Special Committee") in discussions and negotiations with Misheng regarding the purchase by the latter of the common and sufficient shares of the common shares of the Company to enable it to hold 51% of the preferred shares of the Company. The discussions also focused on the Oasis and Dedicated Group, including the Maching offer and the extension of the maturities of the company's convertible bonds, after delay in submitting the necessary approvals to the agreement. Misheng, including those of the Chinese regulators, the company decided that it was in its interest to authorize the recapitalization and final to make the agreement.
Xiaochiang Zhao, CEO of Misheng, expressed support for the company and its recapitalization. The strong relationship that has united the two companies for many years. "
As announced in this report pursuant to Form 8K of June 28, 2019, the Company has received a confidential and non-binding expression of the interest of a party to acquire all the shares of the Company. The Company and its consultants continue discussions with the relevant party regarding the non-binding offer and continue to provide information on the necessary activities. However, no agreement or understanding has been reached to date regarding this proposal and the price quoted in the final offer may also change. , In case it was introduced. We can not confirm that the ongoing discussions will lead to a possible agreement with this party.
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