HEAR - Turtle Beach gains 4% on board deal with Donerail expanded strategic review

Turtle Beach (NASDAQ:HEAR) is 4.3% higher out of the market open after reaching a deal with the Donerail Group on refreshing its board of directors, and updating its strategic review. The agreement provides for the immediate appointment of three directors from Donerail's slate, and one current Turtle Beach director will retire from the board. After 120 days, if the company is still a stand-alone entity, a Donerail principal will be added to the board and another incumbent will retire. After the appointment of the fourth new director, the board will be expanded to nine members, and add a fifth new director mutually selected by Turtle Beach and Donerail. Meanwhile, the company says it's reached out to additional strategic buyers and sponsors, including "certain parties that made inbound inquiries over the past few weeks and those that previously indicated interest." A strategic committee with two incumbent directors and two Donerail designees

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Turtle Beach gains 4% on board deal with Donerail, expanded strategic review