Qiao Xing Mobile Communication Co., Ltd. (NYSE:QXM) Shares Tumbles 21.17% on Failed Privatization Proposal

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Epic Stock Picks
Qiao Xing Mobile Communication Co., Ltd. (NYSE:QXM) Shares tumbles 21.17% after the proposal to privatize the company failed. The Company announced that the meeting of shareholders of the company was adjourned for lack of quorum. The meeting was convened to consider the proposal by Qiao Xing Universal Resources, Inc. (“XING”) to acquire all of the outstanding ordinary shares of QXM not already held by XING, by way of a scheme of arrangement under Subsection 179A of the British Virgin Islands Business Companies Act, 2004 (as amended). An insufficient number of shareholders attended the meeting to satisfy the quorum requirements. As a result, the meeting was adjourned permanently and XING will not be able to proceed with the Proposed Privatization via Scheme of Arrangement. Shares of a manufacturer of mobile handsets went down by 94 cents or 21.17% and closed at $3.50 on volume of 1.25 million shares traded. The 52 week range of the stock is $2.10-$5.96. The market capital of the stock stands at $166.63 million with beta of 1.92. The stock is currently trading below its 50 day & 200 day moving average of $4.24 & $4.04 respectively. Qiao Xing Mobile Communication Co., Ltd. is a domestic manufacturer of mobile handsets in People's Republic of China. The Company manufactures and sells mobile handsets based primarily on the global system for mobile communications (GSM) global cellular technologies. Disclaimer: The assembled information distributed by epicstockpicks.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Epicstockpicks.com does expect that investors will buy and sell securities based on information assembled and presented herein. EpicStockPicks.com will not be responsible in any way for or accept any liability for any losses arising from an investor's reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.