JAKKS PACIFIC, INC. (NASDAQ:JAKK) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02.
| Unregistered Sales of Equity Securities. |
to the terms of a previously reported Equity Purchase Agreement
(the Purchase Agreement), on April 27, 2017 we consummated the
sale of 3,660,891 shares of our common stock to Hong Kong
Meisheng Cultural Company Limited, a Hong Kong corporation
(Meisheng), for an aggregate price of $19,311,200, or $5.275 per
share. The sale was an exempt private placement to one accredited
investor, without any advertising, to Rule 506 of Regulation D as
promulgated under the Securities Act of 1933. As a result of the
sale, Meisheng owns a total of 5,239,538 shares of our common
stock, which is approximately 19.5% of our issued and outstanding
shares of common stock.
| Item 5.02. |
Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers. |
On April 27, 2017, to the terms of the Purchase Agreement,
Xiaoqiang Zhao became a member of our board of directors. Mr.
Zhao is Executive Director of Meisheng, the entity that purchased
our common stock, and Chairman of the Board of Directors and a
Director of its parent company Meisheng Cultural Creative Co.
Ltd. We have previously entered into two joint ventures with
Meisheng. One joint venture was formed for the purpose of
distributing certain licensed and non-licensed toys and consumer
products to agreed-upon territories of the Peoples Republic of
China. That joint venture operates a subsidiary in the Shanghai
Free Trade Zone that sells, distributes and markets these
products, which include dolls, plush, role play products, action
figures, costumes, seasonal items, technology and app-enhanced
toys, based on top entertainment licenses and our own proprietary
brands. The other joint venture was formed to develop animation
content for use in toys and other consumer products developed by
us and Meisheng. We consolidate the joint venture companies
results with our financial statements.
About JAKKS PACIFIC, INC. (NASDAQ:JAKK)
JAKKS Pacific, Inc. is a multi-line, multi-brand toy company. The Company designs, produces, markets and distributes toys and related products, pet toys, consumables and related products, electronics and related products, kids indoor and outdoor furniture, and other consumer products. The Company operates through two business segments: traditional toys and electronics, and role play, novelty and seasonal toys. The traditional toys and electronics segment includes action figures, vehicles, playsets, plush products, dolls, accessories, electronic products, construction toys, infant and pre-school toys, foot to floor ride-on vehicles, wagons and pet products and related products. The role play, novelty and seasonal segment includes role play and dress-up products, novelty toys, seasonal and outdoor products, indoor and outdoor kids’ furniture and Halloween and everyday costume play. JAKKS PACIFIC, INC. (NASDAQ:JAKK) Recent Trading Information
JAKKS PACIFIC, INC. (NASDAQ:JAKK) closed its last trading session 00.00 at 4.90 with 140,127 shares trading hands.
