Link Motion announces resignations of CEO, CFO and General Counsel
Link Motion last night announced new agreements with Zhongzhi Hi-Tech Overseas Investment and certain changes to its management team. The company has entered into a non-binding memorandum of understanding to further engage in business cooperation with Zhongzhi, and in connection, the company has entered into agreements to pledge its senior note issued by Tong Fang and shares of NQ International to Zhongzhi as additional securities for the convertible note held by Zhongzhi. Link Motion added that it is engaging in further discussion with Zhongzhi regarding the extension of the maturity date of the convertible note. The company further announces the change to its management team. Zemin Xu, Chief Executive Officer of the company, has resigned and Jia Lian has been appointed as an acting CEO of the company. Lian will restructure the management team and lead the company's operations. Justin Chen, President and General Counsel and Roland Wu, Chief Financial Officer of the company, have resigned from their management positions. Xu and Chen have also resigned as board members. Joanne Zhu, a director designated by Zhongzhi has also been replaced by Vincent Wu, who is newly nominated by Zhongzhi to replace Zhu as Zhongzhi's representative on the company's board.