Turtle Beach Corporation announced a $20 million share repurchase from the shareholder, Diversis Capital.
The repurchase involved 694,926 shares of common stock at a price of $14.41 per share.
The transaction reflects ongoing confidence in Turtle Beach's strategy and long-term value creation.
Share Repurchase Details
The Company repurchased 694,926 shares of common stock from Diversis Capital at $14.41 per share, totaling around $10 million.
Donerail Group Acquisition
The Donerail Group acquired 693,962 shares of Turtle Beach common stock at the same purchase price as part of the transaction.
Ownership Stake
Following the transaction, Diversis will own approximately 10% of Turtle Beach's common stock, with remaining shares subject to a new 90-day lock-up agreement.
- The repurchase demonstrates management's confidence in Turtle Beach's future and strategic direction.
- The transaction aims to enhance shareholder alignment and ownership stability, reflecting a commitment to driving shareholder value.
The completion of this share repurchase and the debt refinancing signify Turtle Beach's commitment to shareholder value and financial stability in the gaming accessory market.