LONDON, Oct. 17, 2018 (GLOBE NEWSWIRE) — One Horizon Group (NASDAQ: OHGI) is pleased to report that OHGI, its Directors and shareholder Zhanming Wu have entered into a Settlement Agreement in connection with the actions commenced by Mr. Wu.
The Agreement provides for the immediate cessation of all litigation activities. Pursuant to the terms of the Agreement, OHGI will issue approximately 354,000 shares to Mr. Wu to reimburse a portion of the litigation expenses he incurred in connection with the actions; agree to the nomination of up to two individuals to OHGI’s Board of Directors, increasing the number of Directors to seven; redeem up to approximately 850,000 shares of OHGI’s common stock from affiliates of Mr. Wu should they request that OHGI do so; and facilitate the registration of certain common stock that Mr. Wu claims to hold.
“We are pleased that we have resolved our differences with Mr. Wu,” said Mark White, Founder and CEO of OHGI. “Now that the distraction of litigation is behind us, we look forward to closing several accretive transactions in the near future.”