Turtle Beach enters into agreement to repurchase 694,926 shares from Diversis

Turtle Beach (TBCH) announced it entered into a definitive agreement to repurchase 694,926 shares of common stock from Diversis Capital, at the 30-day volume weighted average price of $14.41 per share, for a total of approximately $10 million. Simultaneous with the Company’s repurchase, The Donerail Group, an investment management firm, has acquired 693,962 shares of Turtle Beach common stock from Diversis at the same price per share. Following the completion of the transaction, Diversis will own approximately 10% of Turtle Beach’s common stock. The remaining shares beneficially owned by Diversis will be subject to a new 90-day lock-up agreement.