Marbridge Daily

<- April 01, 2012 ->

Jingwei Privatization Transaction Closes

Jingwei PR, 3/30/12

Shenzhen-based data mining and mobile interactive marketing firm Jingwei International today announced that the previously disclosed "going private" transaction designed to eliminate Jingwei's status as a public company in the U.S. has been completed.

Following suspension of trading in Jingwei's common stock on the Nasdaq, the company effected a 1 for 20,000 reverse stock split, with the result that all shareholders owning less than 20,000 shares as of 7:00am (EDT) on March 30, 2012 will receive a cash payment of USD 2.20 per share from a fund established by Jingwei with the exchange agent for the transaction. Immediately following the reverse stock split, the company effected a 20,000 for 1 forward stock split, with the result that all shareholders owning more than 20,000 shares as of 7:01am (EDT) on March 30, 2012 will continue to hold the same number of shares as they did prior to both stock splits.

 
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