SHANGHAI, June 20, 2018 /PRNewswire/ -- In response to questions from our shareholders, we are voluntarily electing to issue this press release to assist our shareholders in understanding the significance of the record date, payable date and ex-dividend date that are mandated by the NYSE rules for the special cash dividend distribution for Acorn International, Inc. (NYSE: ATV) ("Acorn" or the "Company") that was previously declared and announced on May 25, 2018. As previously announced, below are the distribution dates for Acorn's distribution of US$0.75 per ordinary share, or approximately US$14.97 per American depositary share ("ADS").
Declaration - 5/25/2018
Record Date - 6/4/2018
Payable Date - 6/22/2018
Ex-Dividend Date - 6/25/2018
Under Section 703.02(B) of New York Stock Exchange (the "NYSE") Listed Company Manual, when as here a dividend distribution amounts to 25% or more of the stock price, the NYSE applies an ex-dividend date of one business day after the mail date for the distribution. Record shareholders who sell their shares before the ex-dividend date are obligated to pay a due-bill to the buyer, delivering the dividend payable on such shares.
Accordingly, under Acorn's announced schedule, a record shareholder who sells his/her shares on or after June 25, 2018 shall be able to keep the dividends distributed. Record shareholders who sell their shares before June 25, 2018 shall be obligated to deliver the dividends to the buyer.
About Acorn International, Inc.
Co-founded in 1998 by Executive Chairman Robert Roche, Acorn is a marketing and branding company in China with a proven track record of developing, promoting and selling a diverse portfolio of proprietary-branded products, as well as well-established and promising new products from third parties. Its current business includes selling merchandise to consumers in China primarily through e-commerce and its outbound call center. For more information visit www.acorninternationalir.com.
Safe Harbor Statement
This news release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "anticipates," "believes," "estimates," "expects," "future," "going forward," "intends," "outlook," "plans," "target," "will," "potential," and similar statements. Such statements are based on management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties, and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance, or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties, or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.
Acorn International, Inc.
Compass Investor Relations
Ms. Margaret Zhao
Ms. Elaine Ketchmere, CFA
SOURCE Acorn International, Inc.