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Telenav, Inc. (NASDAQ: TNAV) has been selected by SAIC, China’s largest automotive group, to provide its VIVID® Nav solution for overseas markets in Europe, Southeast Asia, and Australia-New Zealand. This solution will support both battery-powered electric (BEV) and internal-combustion engine (ICE) vehicles. VIVID Nav promises a cloud-connected navigation experience, featuring responsive routing, EV-specific functions, and tailored search capabilities to meet local needs. Telenav's knowledge of regional markets is expected to enhance the experience for SAIC customers in these areas.
Telenav, Inc. (NASDAQ: TNAV) announced that its stockholders have approved the "go-private" transaction with V99 Inc., led by HP Jin. This decision marks a significant step towards finalizing the acquisition, with Telenav shareholders expressing strong support. V99 will acquire Telenav for $4.80 per share in an all-cash deal, expected to close on February 17, 2021. Upon completion, Telenav's common stock will be delisted from public markets. The merger aims to provide Telenav with more flexibility to invest in its car-connected strategy for long-term success.
Telenav, Inc. (NASDAQ:TNAV) reported financial results for the second fiscal quarter ending December 31, 2020, revealing total revenue of $65.9 million, down from $73.9 million year-over-year. The GAAP gross profit decreased to $27.7 million from $40.2 million, with a net loss of $(0.1) million compared to a net income of $13.0 million in the prior year. Billings stood at $60.3 million, down from $72.7 million. Ending cash and short-term investments amounted to $113.0 million, equating to $2.35 per share. Telenav will not hold a conference call due to the pending acquisition by V99, Inc.
Telenav announces its selection by Xpeng Inc. to provide connected navigation services for its electric vehicles in Europe. The VIVID Nav solution integrates cloud-connected navigation with the Charge Station Advisor, facilitating easy access to charging stations. Users benefit from accurate routing, alerts for low charging levels, and a simple search for nearby charging options. This partnership marks Telenav's expansion in the European market as they support Xpeng’s reach outside of China.
Rosen Law Firm is investigating potential securities claims on behalf of Telenav shareholders due to allegations of misleading business information. This follows Telenav's disclosure on February 11, 2020, that it could not file its quarterly report on time, citing revenue corrections related to Grab Holdings and a material weakness in financial reporting. After this announcement, Telenav's stock fell over 4% on February 12, 2020. The firm is preparing a class action lawsuit to recover losses suffered by investors who purchased shares during this period.
Telenav, Inc. (NASDAQ: TNAV) announced the expiration of the 30-day "go-shop" period for its merger with V99, Inc. The acquisition price is set at $4.80 per share in cash. During this period, no alternative acquisition proposals emerged from third parties despite significant outreach by Telenav's financial advisor, B. Riley Securities. The transaction is anticipated to close in Q1 2021, pending stockholder and regulatory approvals. Telenav's common stock will be delisted post-merger.
Kaskela Law LLC is investigating Telenav, Inc. (NASDAQ: TNAV) on behalf of its stockholders following Telenav's announcement of a merger agreement with V99, Inc. on November 3, 2020, at a price of $4.80 per share. The investigation seeks to ascertain if this price reflects adequate consideration for Telenav's shares and whether there were any violations of securities laws or breaches of fiduciary duties by Telenav's officers or directors. After the acquisition, Telenav's shares will cease to be publicly traded.
Telenav, Inc. (NASDAQ: TNAV) announced its financial results for Q1 fiscal 2021, reporting revenues of $69.6 million, up 97% from Q4 fiscal 2020, and a net income of $3.3 million compared to a loss of $4.0 million in Q1 fiscal 2020. The company has also entered a merger agreement with V99, Inc. at $4.80 per share, valuing Telenav at approximately $241 million. Telenav secured two new OEM contracts and deployed 1.2 million equipped vehicles during the quarter. However, billings decreased by 17% year-over-year, highlighting a concern for future revenue growth.
Telenav, Inc. (NASDAQ: TNAV) has entered into a merger agreement with V99, Inc. for an all-cash transaction valued at approximately $241 million, pricing each share at $4.80, which is a 33.3% premium over Telenav's previous closing price. The merger, approved unanimously by Telenav's Board of Directors, will enable the company to go private and enhance its connected-car strategy. A 30-day ‘go-shop’ period has been initiated for alternative proposals, expiring on December 2, 2020. Closing is anticipated in Q1 2021, dependent on customary approvals.
Telenav, Inc. (NASDAQ: TNAV) will release its Q1 fiscal year 2021 financial results on Nov. 5, 2020, after market hours. A live video Zoom webcast to discuss the results will take place at 2:00 p.m. PT (5:00 p.m. ET) the same day. This webcast can be accessed via the investor relations website. Telenav specializes in connected car and location-based services, focusing on enhancing user experiences before, during, and after drives through personalized navigation and advertising.
