Heelys Inc, A Shoe Maker, Will Be Bought.
Beijing
Time October 23rd evening news, the United States
Heelys
Manufacturer Heelys Inc (NASDAQ:HLYS) announced on Tuesday that it has agreed to accept the acquisition of Evergreen Group Ventures from private Holdings Company after years of declining sales and falling share prices.
When it was listed on NASDAQ (micro-blog) in December 2006, Heelys's share price had exceeded $30, but its closing price dropped to $1.85 on Monday.
The company's market value dropped to more than $50 million from the peak of over $1 billion.
After the announcement of the sale, the company's share price rose 24% on Tuesday's pre trading volume, but the volume was light.
At the peak of 2007, Heelys's quarterly revenue reached $74 million, but this year's second quarter revenue has dropped to less than $6 million.
Under the agreement, Evergreen will buy Heelys's operating assets for $13 million 900 thousand, which will then be liquidated.
Heelys has cash and value.
Negotiable securities
It is not within the scope of this sale.
By the end of June, the company had $58 million 200 thousand in cash and securities.
According to the terms of the paction, Heelys will have 30 days to solicit a better offer from the third party.
Because of the danger of sliding shoes, it is harmful to the development of teenagers, and is banned in many schools, amusement parks, shops and zoos.
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