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YY Inc. Announces Proposed Offering of US$850 Million Convertible Senior Notes

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GUANGZHOU, China, June 18, 2019 (GLOBE NEWSWIRE) — YY Inc. (Nasdaq: YY) (“YY” or the “Company”), a leading global social media platform, today announced the proposed offering (the “Notes Offering”) of US$425 million in aggregate principal amount of convertible senior notes due 2025 (the “2025 Notes”) and US$425 million in aggregate principal amount of convertible senior notes due 2026 (the “2026 Notes,” and, together with the 2025 Notes, the “Notes”), subject to market and other conditions. The Company intends to grant the initial purchasers in the Notes Offering a 13-day option to purchase up to an additional US$75 million in aggregate principal amount of the 2025 Notes and US$75 million in aggregate principal amount of the 2026 Notes. The Company plans to use part of the net proceeds from the Notes Offering to pay the costs of the capped call transactions described below, and use the remainder of the proceeds for (i) global expansion-related initiatives, including infrastructure investment, personnel recruiting, sales and marketing and other efforts aimed at acquiring and servicing global users, (ii) video-based content offering expansion and enrichment, (iii) technology enhancement, and (iv) working capital and other general corporate purposes.

The Notes will be senior, unsecured obligations of YY. The 2025 Notes will mature on June 15, 2025 and the 2026 Notes will mature on June 15, 2026, unless repurchased, redeemed or converted in accordance with their terms prior to such date. The Company may not redeem the Notes prior to maturity, unless certain tax-related events occur. Holders of the Notes may require the Company to repurchase all or part of their Notes in cash on June 15, 2023, in the case of the 2025 Notes, and June 15, 2024, in the case of the 2026 Notes, or in the event of certain fundamental changes.

Prior to December 15, 2024, in the case of the 2025 Notes, or December 15, 2025, in the case of the 2026 Notes, the Notes will be convertible at the option of the holders only upon satisfaction of certain conditions and during certain periods. Holders may convert their Notes at their option at any time on or after December 15, 2024, in the case of the 2025 Notes, or December 15, 2025, in the case of the 2026 Notes, until the close of business on the second scheduled trading day immediately preceding the relevant maturity date. Upon conversion, the Company will pay or deliver to such converting holders, as the case may be, cash, the Company’s American Depositary Shares (“ADSs”), each currently representing twenty Class A common shares of the Company, or a combination of cash and ADSs, at the Company’s election. The interest rate, initial conversion rate and other terms of the Notes will be determined at the time of pricing of the Notes.

The Notes will be offered in the United States to qualified institutional buyers pursuant to Rule 144A and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The Notes, the ADSs deliverable upon conversion of the Notes, if any, and the Class A common shares represented thereby have not been and will not be registered under the Securities Act or the securities laws of any other place, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

In connection with the Notes Offering, the Company intends to enter into capped call transactions relating to each series of the Notes with one or more of the initial purchasers and/or their respective affiliates and/or other financial institutions (the “Option Counterparties”). The capped call transactions are expected generally to reduce the potential dilution to existing holders of the Class A common shares and ADSs of the Company upon conversion of the relevant Notes and/or offset any cash payments that the Company is required to make in excess of the principal amount of the converted Notes, as the case may be, with such reduction and/or offset subject to a cap. If the initial purchasers exercise their option to purchase additional Notes, the Company expects to enter into additional capped call transactions with the Option Counterparties with respect to the relevant series of the Notes as to which the option was exercised. The Option Counterparties advised the Company that, in connection with establishing their initial hedges of the capped call transactions, the Option Counterparties or their respective affiliates expect to purchase the ADSs and/or enter into various derivative transactions with respect to the Company’s ADSs concurrently with, or shortly after, the pricing of the Notes. This activity could increase (or reduce the size of any decrease in) the market price of the ADSs or the Notes at that time. If any such capped call transaction fails to become effective, whether or not the Notes Offering is completed, the Option Counterparty party thereto may unwind its hedge positions with respect to the ADSs, which could adversely affect the value of the ADSs and, if the Notes have been issued, the value of the Notes.

In addition, the Option Counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivative transactions with respect to the ADSs and/or by purchasing or selling the ADSs or other securities of the Company in secondary market transactions following the pricing of the Notes and prior to the maturity of each series of the Notes. The Option Counterparties may engage in such activity during any observation period relating to a conversion of each series of the Notes.  This activity could also cause or avoid an increase or a decrease in the market price of the ADSs or the Notes, which could affect noteholders’ ability to convert the Notes and, to the extent the activity occurs during any observation period related to a conversion of the Notes, it could affect the number of ADSs and the value of the consideration that noteholders will receive upon conversion of such Notes.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, nor shall there be a sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

This press release contains information about the pending offerings of the Notes, and there can be no assurance that any of the offerings will be completed.

About YY Inc.

YY Inc. (“YY” or the “Company”) is a leading global social media platform. The Company’s highly engaged users contribute to a vibrant social community by creating, sharing, and enjoying a vast range of content and activities. YY enables users to interact with each other in real time through online live media and offers users a uniquely engaging and immersive entertainment experience. YY owns YY Live, a leading live streaming social media platform in China and Huya, a leading game live streaming platform in China. In addition, YY completed the acquisition of Bigo in March 2019. Bigo is a fast-growing global tech-driven social media company. Headquartered in Singapore, Bigo owns Bigo Live, a leading global live streaming platform outside of China; Like, a leading global short form video social platform; IMO, a global video communication platform, and other social applications. YY has created an online community for global video and live streaming users. YY Inc. was listed on the Nasdaq in November 2012.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. YY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about YY’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: YY’s goals and strategies; YY’s future business development, results of operations and financial condition; the expected growth of the online communication social platform market in China; expected changes in the revenue and certain cost or expense items; the expectation regarding the rate at which to gain active users, especially paying users; YY’s ability to retain, increase, and monetize the user base; competition from companies in a number of industries; use of proceeds of this offering; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in YY’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and YY does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

YY Inc.
Matthew Zhao
 Tel: +86 (20) 8212-0000
 Email: IR@YY.com

ICR, Inc.
Jack Wang
 Tel: +1 (646) 915-1611
 Email: IR@YY.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

IT Industry

GridGain In-Memory Computing Platform Continues Strong Momentum in First Half of 2019, Highlighted by a Doubling of Subscription Bookings

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GridGain’s Continued Industry Leadership Evidenced by Strong Growth in Its In-Memory Computing Platform, Major Industry Awards, Introduction of Product and Service Innovations, and Popular Industry Conferences

FOSTER CITY, Calif., July 18, 2019 (GLOBE NEWSWIRE) — GridGain® Systems, provider of enterprise-grade in-memory computing solutions based on Apache® Ignite™, today announced continued strong momentum for the first half of 2019. Key achievements during the period included doubling subscription sales versus the previous year, more than doubling sales of all products from new customers versus the previous year, receiving major industry honors, launching innovative new products and services, and driving sharply increased popularity of the In-Memory Computing Summit® Europe.

“Over the last year, the growing trends of digital transformation, omnichannel customer experience, and internet of things have driven increased adoption of in-memory computing. In-memory computing is the only practical, cost-effective approach to achieving the necessary performance and scalability for these initiatives,” said Abe Kleinfeld, president and CEO of GridGain. “We predicted that in-memory computing would become a part of every fast data discussion in 2019 and we’re excited that this is coming true.”

Growth

  • Subscription sales doubled during the first half of 2019 compared to the same period in 2018, reflecting the ever-growing number of customer solutions moving into production that are powered by the GridGain in-memory computing platform.
  • Total sales from new GridGain customers more than doubled during the first half of 2019 compared to 2018, driven by strong growth in the financial services and telecommunications industries, which both increased over 250% versus 2018.
  • Total sales from new European customers grew more than 150% compared to the first half of 2018, reflecting the growing demand for in-memory computing solutions throughout that region.

Awards & Foundations

Products and Services

  • GridGain introduced GridGain Developer Bundles to help accelerate digital transformations. The new Developer Bundles help companies implementing Apache Ignite or GridGain speed the development and rollout of real-time, massively scalable applications with in-depth developer training and consulting assistance with common tasks such as architectural reviews and performance optimizations. Once live, the support services included in the bundles ensure that any issues that arise in the pre-production or production deployments can be submitted to the GridGain customer engineering team for rapid resolution.
  • GridGain introduced the GridGain Data Lake Accelerator, an in-memory solution for digital businesses that need to enrich operational data with historical data stored in data lakes to improve real-time analytics and decision automation. The GridGain Data Lake Accelerator is available for use with the GridGain Enterprise Edition and GridGain Ultimate Edition. A free 30-day trial of all three of these products are available from the GridGain Downloads page.
  • GridGain released the GridGain Community Edition to bring production readiness to Apache Ignite. GridGain Community Edition includes the Apache Ignite code base plus patches and additional functionality developed to improve performance, reliability, security and manageability.
  • GridGain introduced the first support offering for Apache Ignite. GridGain Basic Support enables companies with new or existing Apache Ignite deployments to access the deep expertise of GridGain’s support engineers to troubleshoot performance or reliability issues and identify configuration optimizations, workarounds or software patches to improve the performance of their Ignite environment.
  • GridGain added automatic data persistence, high availability and immediate restarts to the GridGain Cloud In-Memory-Computing-Platform-as-a-Service. GridGain Cloud can be launched with just a few mouse clicks. It delivers in-memory speed by maintaining all data in memory and offers unlimited horizontal scalability by distributing data across a distributed cluster of servers. New nodes can be added to the cluster dynamically. The data held in memory is continually backed up to disk and is available in seconds in the event of a restart.

In-Memory Computing Thought Leadership

  • The third annual In-Memory Computing Summit Europe 2019 took place June 3-4, 2019 at the Park Plaza Victoria London. More than 500 people registered, representing 271 organizations from 26 countries on 5 continents. The attendees heard speakers from 451 Research, Capital One, Cerner, Confluent, Dell Technologies, Hazelcast, Red Hat, Redislabs, ScaleOut Software, the Storage Networking Industry Association (SNIA), GridGain Systems and more. The conference experienced a 70 percent increase in registrations compared to the 2018 event.
  • GridGain announced the Call for Papers for the fifth annual In-Memory Computing Summit North America, taking place November 13-14, 2019 at the Hyatt Regency San Francisco Airport. The Call for Papers will end on July 28, 2019.
  • GridGain continued its global effort to help businesses understand how in-memory computing addresses the speed and scale requirements of modern, data-intensive applications. The company hosted or participated in over a dozen of industry conferences, webinars and workshops, and organized or provided speakers for over 20 meetups around the world.

About GridGain Systems
GridGain Systems is revolutionizing real-time data access and processing by offering an in-memory computing platform built on Apache Ignite. GridGain solutions are used by global enterprises in financial services, software, e-commerce, retail, online business services, healthcare, telecom, transportation and other major sectors, with a client list that includes ING, Raymond James, American Express, Societe Generale, Finastra, IHS Markit, ServiceNow, Marketo, RingCentral, American Airlines, Agilent, and UnitedHealthcare. GridGain delivers unprecedented speed and massive scalability to both legacy and greenfield applications. Deployed on a distributed cluster of commodity servers, GridGain software can reside between the application and data layers (RDBMS, NoSQL and Apache™ Hadoop®), requiring no rip-and-replace of the existing databases, or it can be deployed as an in-memory database. GridGain is the most comprehensive in-memory computing platform for high-volume ACID transactions, real-time analytics, web-scale applications, continuous learning and hybrid transactional/analytical processing (HTAP). For more information, visit gridgain.com.

CONTACT:
Terry Erisman
GridGain Systems
terisman@gridgain.com
(650) 241-2281

GridGain is a trademark or registered trademark of GridGain Systems, Inc. Apache, Apache Hadoop, Hadoop, Apache Ignite, Ignite, Apache Kafka, Kafka, Apache Spark, and Spark are trademarks of The Apache Software Foundation. All other product and company names herein may be trademarks of their registered owners.

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IT Industry

Bel Will Report Second Quarter 2019 Results on August 1, 2019

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Conference Call Scheduled for 11:00 AM ET

JERSEY CITY, N.J., July 18, 2019 (GLOBE NEWSWIRE) — Bel Fuse Inc. (“Bel,” or, “the Company”) (Nasdaq:BELFA and Nasdaq:BELFB), a leading supplier of products that power, protect and connect electronic circuits, today announced that the Company will release preliminary financial results for the second quarter of 2019 prior to the commencement of trading on Thursday, August 1, 2019. A conference call has been scheduled for 11:00 a.m. ET that morning to discuss the preliminary results.

To participate in the conference call, investors should dial 888-254-3590, or 323-994-2093 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of 20 days at this same Internet address.  For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 5111961 after 2:00 p.m. ET, also for 20 days.

About Bel
Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits.  These products are primarily used in the networking, telecommunications, computing, military, aerospace, transportation and broadcasting industries.  Bel’s product groups include Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components), Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), and Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies).  The Company operates facilities around the world.

 

Investor Contact:
Peter Seltzberg, Managing Director
Darrow Associates
tel 516.419.9915
pseltzberg@darrowir.com
  Company Contact:
Daniel Bernstein 
President 
ir@belf.com 

 

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IT Industry

Update:  Stealth Technologies Inc. Announces Launch of Product Sales Through Sharper Image

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LARGO, FL, July 18, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Stealth Technologies, Inc. (OTC PINK: STTH), an emergency response and protection product distribution company in the safety, health, and personal protection industries, is pleased to announce that it has entered into a new distribution agreement that includes distribution into Sharper Image catalog.

“The addition of another distributor with reach into Sharper Image is a major advancement in our diversification,” said CEO Brian McFadden. “With the product currently available at Sharper Image, we look forward to the potential growth this distribution channel will bring.” 

You can visit the link below to see the initial product offered at Sharper Image, the 911 Help Now Communication Pendant, which provides the user direct communication to 911 Emergency Services for one low fee. 

https://www.sharperimage.com/si/view/product/No+Fee+911+Help+Button/207060?question=911%20help%20now

“As we continue to expand our product channels, we look forward to our continuing distribution growth and expect to add additional products into these channels later this year,” said CEO Brian McFadden.

The company also wishes to notify all shareholders and persons of interest that Stealth Technologies, Inc. will be making announcements and updates via social media. Updates can be found at our newly created social media channel on Twitter: https://twitter.com/StealthTech4

About Stealth Technologies, Inc.

Stealth Technologies, Inc., incorporated in 2010 and based in Largo, FL, is a publicly traded company that distributes a large portfolio of products solving critical issues in the safety, health, and personal protection industries. Stealth products solve problems such as emergency response time, electronic pickpockets and hackers, home intrusions and robberies, and more. With such a diverse product offering, Stealth has prepared for long-term growth for our shareholders. For more information, please visit the Company’s website at www.stealthtechinc.com

Forward Looking Statements:

Statements included in this update that are not historical in nature, are intended to be, and are hereby identified as, “forward-looking statements.” Forward-looking statements may be identified by words including “anticipate,” “believe,” “intends,” “estimates,” “expect,” and similar expressions. The Company cautions readers that forward-looking statements including, without limitation, those relating to the Company’s future business prospects are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, due to factors such as those relating to economic, governmental, technological, and other risks and factors identified from time to time in the Company’s reports filed with the SEC.

Contact:
Brian McFadden 
investors@stealthtechinc.com
1-800-579-0528

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