In last trading session, the stock price of Sky-mobi Ltd (ADR)(NASDAQ:MOBI) declined more than 1% to close the day at $1.88. The decline came at a share volume of 18,820 compared to average share volume of 34,049. After the recent decline, the market cap of Sky-Mobi stands at $52.67 million.

The update

Sky-mobi, a game publisher and mobile application platform in China, reported that the special committee of the Board has decided to retain its existing financial advisor, ROTH Capital Partners, LLC and Orrick, Herrington & Sutcliffe LLP as the U.S. legal counsel. It is related with its review and assessment of the previously reported initial non-binding “going private” application letter that the company’s Board obtained on June 23, 2016.

The highlights

Sky-mobi board cautioned the company’s shareholders that neither the Special Committee nor the Board has taken any decision pertaining to the firm’s response to the proposed offer. There is no guarantee that any conclusive offer will be presented by affiliates of the Buyer team or any other person. Also, there is no assurance that any definitive deal will be executed pertaining to the proposed deal, or that the projected transaction or any other deal will be consummated or approved. The firm does not accept any obligation to deliver any updates related to this or any other deal, except as stated under applicable law.

The committee

Earlier, in last week of June, Sky-mobi reported that its board has formed a special committee to consider the “going private” proposal from Mr. Michael Tao Song, the CEO and chairman of the “Buyer Group”. The Special Committee included Mr. Wei Zhou, the independent director of Sky-mobi and Mr. Carl Yeung, who serves as a disinterested and non-executive director of the firm. Mr. Zhou was announced as the chair of this Special Committee.