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KIT digital, Inc. (KITD)

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KITD is defunct.
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  • Feb. 11, 2013, 4:15 PM
    An investment group led by former KIT Digital (KITD.OB) CEO Kaleil Isaza Tuzman has lowered its offer range for the de-listed and deeply troubled company to $0.70-$1/share from a prior $1.35-$1.70/share. Tuzman criticizes KIT for suggesting his offer "lacked bona fide capital support," but judging by the fact KIT closed today at $0.44, it seems more than a few investors agree. (PR)
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  • Dec. 5, 2012, 1:45 PM
    KIT Digital (KITD +4.6%) has rallied to $0.74 on news ex-chairman/CEO Kaleil Isaza Tuzman (previous) has offered to buy the company for $1.35-$1.70/share. Tuzman had offered $3.75/share in November in a deal that would've required P-E support, but few expected that bid to remain following the bloodbath KIT shares saw last month on news it's restating results and running out of cash.
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  • Nov. 21, 2012, 5:42 PM
    More on KIT Digital: The company says an event of default exists in a secured loan facility that has $11M outstanding; that its cash balance has dwindled to $10.6M ($4M of which is restricted), and that cash burn (partly due to restatement costs) is expected to continue. As a result, KIT is exploring "a broad set of strategic alternatives," including financing deals (virtually guaranteed to be dilutive) and a sale. It's also cancelling its 2012 shareholder meeting. KITD -58.9% AH. (PR)
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  • Aug. 7, 2012, 10:33 AM
    KIT Digital (KITD +22.7%) takes off after disclosing activist investors Seth Hamot and Peter Heiland have been added to its board (director Joseph Mullin is stepping down), and that their funds (Costa Brava and JEC Capital) now respectively hold 7% and 8% stakes in the beaten-down IP video software provider. KIT says its board will now "address several expressions of interest" regarding a sale of part or all of the company. (PR) (previous)
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  • Apr. 23, 2012, 10:48 AM
    KIT Digital (KITD -4.7%), up last week after Kaleil Isaza Tuzman resigned as chairman, is underperforming after announcing it's acquiring Hyro Limited, an Australia-based IT services firm, for $14.5M in stock. KIT says Hyro, which it expects will bolster its ability to support Asia-Pac customers, generated 2011 revenue of $20M, and will be immediately accretive to the company's results.
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  • Mar. 30, 2012, 9:22 AM
    KIT Digital (KITD) +8.3% premarket, adding to the gains seen yesterday on account of M&A speculation. KIT's recent management/board shakeup, along with the weak performance of its shares over the last 15 months, has many thinking the IPTV software firm may finally be open to a deal.
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  • Mar. 29, 2012, 1:47 PM
    More on KIT Digital (KITD +12.6%) (previous): Roth Capital analyst Richard Ingrassia feels a sale might be "underway" after conducting independent checks and talking to execs. Potential acquirers run the gambit from IBM, Cisco, Accenture, and Alcatel-Lucent - as well as a number of private equity firms.
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