Adult Global Holdings, Inc. (NYSE American: DPW) declared that it has acquired a total of 295, 000 stake, which represents the total of 9.96% stake in NTN Buzztime, Inc. (NYSE American: NTN) as of January 29, 2021. Adult Global Holdings has bought the shares of common stock at a total price of $3.42 per share. The total profit from this buying will be $1,010,095.
Executive Chairman of Adult Global stated: “We truly think that the assets of NTN, in particular its gaming holdings and customer lists, are considerably devalued by the transactions that NTN plans to put to the shareholder vote at the special meeting of shareholders planned for 15 March 2021.”
As per the opinion of the firm, the best possible outcome for investors would be that NTN would not be able to receive the authorization of stockholders required to pursue such deals so that the Board of Directors and senior management would have to consider other ways to capture the best benefit from either the selling of these assets or other measures for investors.
Shares of Adult Global Holdings, Inc. (NYSE American: DPW) declined 16.20% during the trading session of Thursday. The firm has lost -1.27 for $6.57. DPW has recorded a trading volume of 6.92 million as compared to the average volume of 15.56 million. Share of DPW oscillated $0.53 and $10.94 during the past 52-week of low and high range, respectively. Its share rose 1186.79% from its 52-week low and diminished by -37.66% from its 52-week high. Adult Global Holdings has a total market capitalization of $197.25 million at the time of writing.
NTN has revealed that its regulations declare that a quorum will be required for NTN to organize the special meeting, which needs the existence of shareholders owning a majority of the shares of stock delivered and eligible to vote.
NTN also clarified that some initiatives would require the consent of a majority of the outstanding shares of the common stock of NTN. Thus, the firm aims not to vote on its shares at the committee session in such a way that its shares will not be counted towards a quorum for the special meeting and will successfully count as votes against initiatives demanding the authorization of a majority of the shares outstanding.