Turtle Beach Corporation, a leading gaming accessories brand, announced a $20 million share repurchase from shareholder Diversis Capital.
The repurchase involved 694,926 shares of common stock at a price of $14.41 per share, totaling approximately $10 million.
The Donerail Group simultaneously acquired 693,962 shares at the same purchase price, resulting in Diversis owning around 10% of Turtle Beach's common stock post-transaction.
Share Repurchase Details
694,926 shares repurchased at $14.41 per share, totaling $10 million.
Investment by Donerail Group
Donerail acquired 693,962 shares from Diversis at the same price, increasing their stake in Turtle Beach.
CEO's Statement
CEO Cris Keirn expressed confidence in the company's strategy and long-term value creation through the repurchase.
- The share repurchase demonstrates the company's belief in its business strength and capital allocation priorities.
- The transaction enhances shareholder alignment and ownership stability, reflecting a commitment to driving shareholder value.
The completion of this share repurchase and the debt refinancing showcase Turtle Beach Corporation's commitment to enhancing shareholder value and long-term growth.