FAB Universal Corporation (OTCPK:FABU) agreed to spin off Webmayhem, Inc. to its shareholders on September 29, 2015. Under the terms of the transaction, shareholders of FAB Universal Corporation will receive one share of Webmayhem, Inc for every share of FAB Universal Corporation held by them as at the record date of July 20, 2016. The Spin-Off is subject to the satisfaction by the Securities and Exchange Commission.

The transaction is estimated to be completed on April 1, 2016. The transaction is expected to be completed on August 1, 2016.