Velti Intends to Voluntary Delist from NASDAQ
Velti (NASDAQ: VELT) announced today its intention to voluntarily delist its ordinary shares from the NASDAQ Global Select Market. The Company has notified the NASDAQ Stock Market of its intent to voluntarily delist its ordinary shares from the NASDAQ Global Select Market and will file a notice on Form 25 relating to the delisting of its ordinary shares with the Securities and Exchange Commission on or about December 6, 2013. The Company expects the delisting of its ordinary shares to become effective 10 days following the filing, or December 16, 2013.
As previously announced, the Company is pursuing a sale of its U.S., U.K., and India mobile marketing businesses and certain of its U.S.-based advertising businesses to GSO Capital Partners. Under the terms of the proposed asset purchase agreement and to facilitate the sale, Velti's U.S. operations, including Velti Inc. and Air2Web, Inc., filed voluntary petitions for Chapter 11. The Company's Mobclix unit has filed a Chapter 7 petition. All other Velti businesses continue to operate as normal while the Company and its investment bank continue