On Sept. 06, 2019, TKK Symphony Acquisition Corporation (NASDAQ:TKKSU) stock identified change of 3.50% away from 52-week low price and recently located move of -0.29% off 52-week high price. It has market worth of $524.33M. TKKSU stock has been recorded 0.62% away from 50 day moving average and 1.77% away from 200 day moving average. Moving closer, we can see that shares have been trading 0.56% off 20-day moving average.
TKK Symphony Acquisition Corporation (NASDAQ:TKKSU) a special purpose acquisition company, and Glory Star New Media Group Limited (Glory Star), a leading mobile and online digital media and entertainment company in China, reported the execution of a definitive share exchange agreement (the Exchange Agreement), pursuant to which TKK Symphony will acquire Glory Star to help continue the growth of Glory Star’ sleading mobile entertainment platform throughout China.
The potential maximum value of this transaction is approximately $525,000,000, including approximately $100,000,000 in earnout shares, the post-closing combined company intends to trade on the Nasdaq Capital Market and will operate under the name of Glory Star New Media Group Holdings Limited (GSMG or the Company). Glory Star remains committed to its successful strategy of integrating premium lifestyle content with innovative e-commerce offerings to benefit from the growth of consumerism in China.
Pursuant to the Exchange Agreement, the shareholders of Glory Star will sell 100% of its outstanding equity interests to TKK Symphony in exchange for TKK Symphony shares valued at $425,000,000 (with each TKK Symphony share valued at the redemption price per share paid to TKK Symphony public shareholders who elect to have their shares redeemed in connection with the business combination), subject to some of such shares being held in escrow to support certain indemnification arrangements under the Exchange Agreement, plus the contingent right to earn up to an additional 10,000,000 TKK Symphony shares as earnout shares. All amounts remaining in TKK Symphony’s trust account at the closing of the business combination, following redemptions and payment of TKK Symphony’s transaction expenses and other liabilities, are expected to be used for Glory Star’s growth. If no TKK Symphony shareholders elect to redeem their shares (and excluding shares reserved under a new equity incentive plan to be adopted by the Company in connection with the closing of the contemplated transaction), Glory Star’s current shareholders and management will hold approximately 55.1% of the issued and outstanding shares of the Company, current shareholders of TKK Symphony will hold approximately 8.5%, and public shareholders will hold approximately 36.4% of the issued and outstanding shares. If all TKK Symphony public shareholders elect to redeem their shares (and excluding shares reserved under a new equity incentive plan to be adopted by the Company in connection with the closing of the contemplated transaction), Glory Star’s current shareholders and management will hold approximately 82.3% of the issued and outstanding shares of the Company, current shareholders of TKK Symphony will hold approximately 12.7%, and public shareholders will hold approximately 4.9% of the issued and outstanding shares.
The Conglomerates sector company, TKK Symphony Acquisition Corporation noticed change of 0.00% to $10.35 along volume of 0 shares in recent session compared to an average volume of 8.01K.The stock observed return of 0.78% in 5 days trading activity. The stock was at 0.49% over one month performance. TKKSU’s shares are at 2.07% for the quarter is now at 2.58% since this point in 2018.
The average volatility for the week at 0.21% and for month was at 0.19%. There are 50.66M shares outstanding and 50.66M shares are floated in market.
Category – Business
After many years in the market, Charles Frey dedicated all his time to write articles highlighting different financial problems. He has worked as financial analyst until his retirement. He is a well-known research director and portfolio manager for more than 5 years.
Charles holds a postgraduate degree in Software Engineering. ‘The stock market is filled with individuals who know the price of everything, but the value of nothing.’ Charles is a share market expert, being personally invested for over 6 years. He has been writing his entire life, and while he has made a career of business and finance reporting, he still enjoys writing short stories and poetry.
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