Turtle Beach Corp. (NASDAQ: HEAR) said it has announced that a group of institutional investors purchased a combined 371,520 shares of common stock from Fred Romano and Carmine Bonanno, co-founders of Turtle Beach, in accordance with the terms of the company´s amended stockholder agreement.
The number of shares transacted equates to the shares that were available for open-market sales by both individuals under the modified lock-up extension under the shareholder´s agreement, which expires on April 1, 2015. As a result, Romano and Bonanno are restricted from selling additional shares in open market trades prior to April 1, 2015 without the company´s approval.
Turtle Beach Corp. (TurtleBeachCorp.com) designs audio products for consumer, commercial and healthcare markets. Under the brand Turtle Beach (TurtleBeach.com), the company markets premium headsets for use with video game consoles, including officially-licensed headsets for the next-generation Xbox One and PlayStation4, personal computers and mobile devices. Under the brand HyperSound (HyperSound.com), the company markets pioneering directed audio solutions that have applications in digital signage and kiosks, consumer electronics and healthcare. The company´s shares are traded on the NASDAQ Exchange under the symbol NASDAQ: HEAR.