China Digital TV Holding Co., Ltd. (NYSE: STV) said it has terminated its asset restructuring with Shanghai Tongda Venture Capital Co., Ltd.
On November 30, 2015, Tongda Venture reported it did not obtain the approval of the China Securities Regulatory Commission for the non-public offering within the validity period of its shareholders´ approval, and therefore decided to terminate its non-public offering related to the restructuring. On the same day, China Digital TV announced that in the absence of an extension, the restructuring will automatically terminate if it has not been completed by December 31, 2015.
As neither an extension has been agreed upon among the parties nor has the restructuring been completed, the restructuring and related transactions terminate today pursuant to the relevant definitive agreements.
Founded in 2004, China Digital TV enables television network operators to manage, extend and diversify content services across households and public areas in China.