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Pudong Private Placement | 12 Months Ended
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Jun. 30, 2014
Pudong Private Placement |
Pudong Private Placement | 20. Pudong Private Placement On April 15, 2014, the Company executed a SPA with Pudong, with respect to a private placement (the “Offering”) of the Company’s Class A Common Stock. The Company will sell to Pudong a number of shares to be determined that will result in Pudong beneficially owning 19.9% of the Company’s outstanding shares of Common Stock immediately after issuance of the shares of Company Stock pursuant to the SPA. Currently, Pudong is the beneficial owner of 9.4% of the Company’s outstanding shares of Common Stock. The initial per share purchase price is $1.62, subject to adjustment at the closing of the sale pursuant to the terms of the SPA. As adjusted, the final per share purchase price may be higher or lower than the initial per share purchase price, but in no event shall the per share purchase price be less than $1.40. The closing of the sale will occur upon satisfaction of certain closing conditions, including receipt of certain governmental approvals.

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- Definition The entire disclosure for private placement. + References No definition available. + Details
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