Turtle Beach Corporation announced it entered into a definitive agreement to repurchase 694,926 shares of common stock from Diversis Capital at the 30-day volume weighted average price of $14.41 per share.
The Donerail Group acquired 693,962 shares of Turtle Beach common stock from Diversis at the same purchase price.
Following the transaction, Diversis will own approximately 10% of Turtle Beach's common stock.
Share Repurchase
Turtle Beach repurchased shares of common stock from Diversis Capital at an average price of $14.41 per share.
Donerail Group Acquisition
The Donerail Group acquired a significant number of Turtle Beach shares from Diversis, aligning with the Company's capital allocation priorities.
CEO Statement
Cris Keirn, CEO of Turtle Beach Corporation, emphasized confidence in the Company's strategy and long-term value creation through the share repurchase.
Investment Management
The transaction signifies The Donerail Group's increased investment in Turtle Beach, reflecting a belief in the Company's growth potential.
- The share repurchase and acquisition enhance ownership stability and alignment among stakeholders.
- Turtle Beach's commitment to utilizing share repurchases to drive shareholder value is further reinforced by this strategic transaction.
The completion of the share repurchase and acquisition from Diversis Capital and The Donerail Group demonstrates Turtle Beach's dedication to value creation and shareholder alignment.