The Armada Group GP, Inc. cancelled the acquisition of 31.43% stake in Premier Exhibitions Inc. from Sellers Capital Master Fund, Ltd, managed by Sellers Capital LLC.
November 24, 2014 at 11:00 pm EST
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The Armada Group GP, Inc. signed a share purchase agreement to acquire 31.43% stake in Premier Exhibitions Inc. (NasdaqCM:PRXI) from Sellers Capital Master Fund, Ltd, managed by Sellers Capital LLC, for $16.2 million in cash on October 15, 2014. Armada will acquire 15.43 million shares at $1.05 per share. The Armada Group will fund the acquisition with cash on hand. Completion of the sale is subject to certain conditions such as resignation of Mark Sellers including the existing Board of Directors of Premier Exhibitions shall have appointed three new qualified natural persons to the Board, two of whom must be “independent” pursuant to the listing standards of the NASDAQ Stock Market and resignation of Mark A. Sellers as a Director of Premier Exhibitions. The transaction is expected to close by the end of October, 2014 and no later than November 20, 2014.
The Armada Group GP, Inc. cancelled the acquisition of 31.43% stake in Premier Exhibitions Inc. (NasdaqCM:PRXI) from Sellers Capital Master Fund, Ltd, managed by Sellers Capital LLC on November 25, 2014. Armada Group did not intend to fulfill its obligations under the agreement.
Pryxie Liquidation Corp., formerly Premier Exhibitions, Inc., is a provider of museum-quality exhibitions. The Company is engaged in developing and displaying exhibitions for education and entertainment. The Company presents touring exhibitions around the world. The Company's exhibitions present opportunities to experience compelling stories using authentic objects and artifacts in diverse environments. Its exhibitions are presented in museums, exhibition centers and other entertainment venues. Its exhibitions are presented in areas, including Philadelphia, Winnipeg, Gallipolis, Calgary, Las Vegas and Atlanta. The Company's services include content development, exhibit design, brand development, space planning and detailed fabrication drawings. It also offers services, such as merchandising; e-commerce, and conceptual exhibition design, including branding, space planning and exhibition design.
The Armada Group GP, Inc. cancelled the acquisition of 31.43% stake in Premier Exhibitions Inc. from Sellers Capital Master Fund, Ltd, managed by Sellers Capital LLC.
PREMIER EXHIBITIONS, INC. 
