Marin Software Inc. shares experienced a substantial increase in after-hours trading, up 167.06% following the announcement of a letter of intent for a possible asset sale with a private equity firm. The board anticipates that such a sale could provide better returns for shareholders compared to a planned voluntary dissolution. Despite this, the company is moving forward with seeking shareholder approval for dissolution if the asset sale does not proceed. The company issued a promissory note to support its transaction efforts, raising $300,000 for related expenses.
"Marin Software's shares soared 167.06% after-hours following the announcement of a letter of intent with a private equity firm to explore a potential asset sale."
"The board believes that selling substantially all company assets would yield greater liquidating distributions for shareholders than the anticipated voluntary dissolution."
Read at Benzinga
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