Turtle Beach slumps as strategic review doesn't find buyer

Turtle Beach

09/08/2022 10:32

** Shares of gaming equipment maker Turtle Beach Corporation
 HEAR.O  fall 29.1% to $9.91 premarket
    ** Company says Strategic Committee through its financial
advisor, Bank of America held discussions with 109 parties
regarding strategic alternatives for HEAR including a potential
sale  urn:newsml:reuters.com:*:nBw3Fvrf7a
    ** Committee received interest from multiple parties,
however, they were not in a position to move forward with an
acquisition, says HEAR
    ** Separately, HEAR reports Q2 revenue of $41.3 mln, vs
estimate of $49.2 mln - Refinitiv  urn:newsml:reuters.com:*:nBw8jW2rYa
    ** Company posts Q2 loss of $17.8 mln, compared with
estimate of $9.04 mln loss
    ** Up to last close, stock had fallen ~37% YTD

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))