Mobvista (HKG:1860) and Beijing Reyun Technology agreed to settle the dispute with three of Reyun Technology's former equity interest holders by paying them a little over $21.0 million, a Tuesday filing with the Hong Kong Exchange said.
In 2023, Mobvista received an arbitral award ordering the company to give the vendors their respective portion of the consideration it had agreed to pay for the acquisition of Reiyun Technology, along with accrued interests and other fees.
Mobvista was trying to convince the said vendors to enter into a supplemental agreement to adjust the consideration payable to them in light of market conditions at the time.
As per the settlement agreement, the parties will end all disputes and claims towards each other after the settlement.
The mobile advertising and marketing technology services provider's shares closed nearly 8% higher on Tuesday.
Price (HKD): $1.40, Change: $+0.100, Percent Change: +7.69%
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