03:41 AM EDT, 07/04/2022 (MT Newswires) -- Changyou Alliance Group (HKG:1039) called off its planned transaction with technology investor Sendlink as the potential deal fell through after certain pre-conditions were not satisfied by the June 30 deadline.
The e-commerce company intended to bring in Sendlink as an investor to Pointsea, a subsidiary that integrates and redeems digital membership points through Changyou's platform.
Under the proposed transaction, Sendlink would subscribe to not less than $35.7 million and up to $42.8 million worth of new shares in Pointsea.
Changyou said the termination would not have any adverse impact on its business and financial position, according to a Monday disclosure.
The stock tumbled over 14% in afternoon trade.
Price (HKD): $0.18, Change: $-0.03, Percent Change: -14.29%