Brief: Youngevity To Consider Divestiture Of Its Direct Selling Business Unit Back To Its Founders

Youngevity International

12/03/2020 16:05

March 12 (Reuters) - Youngevity International Inc  YGYI.O :
    * YOUNGEVITY TO CONSIDER DIVESTITURE OF ITS DIRECT SELLING
BUSINESS UNIT BACK TO ITS FOUNDERS
    * YOUNGEVITY INTERNATIONAL INC - ENTERED INTO A NON-BINDING
TERM
SHEET REGARDING A POTENTIAL TRANSACTION WITH STEVE AND MICHELLE
WALLACH
    * YOUNGEVITY INTERNATIONAL INC - BOARD OF DIRECTORS HAS
FORMED A
SPECIAL COMMITTEE TO REVIEW & CONSIDER TERMS OF PROPOSED
TRANSACTION
    * YOUNGEVITY - CONSIDERATIONS OUTLINED IN TERM SHEET INCLUDE
PROPOSED SALE TO CO OF ABOUT 14 MILLION SHARES OF CO'S CAPITAL
STOCK HELD BY THE WALLACHS
    * YOUNGEVITY - CONSIDERATIONS OUTLINED IN TERM SHEET INCLUDE
FORGIVENESS OF ABOUT $80 MILLION OF INTER-COMPANY DEBT OWED BY
CO TO DIRECT SELLING BUSINESS UNIT
    * YOUNGEVITY INTERNATIONAL - IF DEAL IS COMPLETED, EXPECTED
THAT
NEWLY FORMED ENTITY ACQUIRING DIRECT SELLING DIVISION WILL
RETAIN YOUNGEVITY TRADENAME
    * YOUNGEVITY - IF DEAL IS COMPLETED, STEVE WALLACH TO RESIGN
AS
DIRECTOR, CHAIRMAN & CEO OF PUBLIC CO & BECOME CEO OF NEWLY
FORMED ENTITY
    * YOUNGEVITY INTERNATIONAL INC -  IF TRANSACTION IS
COMPLETED,
DAVE BRISKIE WOULD BECOME CEO OF PUBLIC CO

Source text for Eikon:  ID:nPn1sdTQFa 
Further company coverage:  YGYI.O 

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