NQ Mobile Gains 5% Following Insider Purchase Agreement

Shares of NQ Mobile Inc (ADR) (NYSE: NQ) were trading higher by more than 5 percent after the company announced it has entered into a new agreement with its Chairman and Chief Operating Officer to acquire 96 million shares of the company's stock.

NQ Mobile stated that Dr. Vincent Wenyong Shi will acquire up to 96 million shares of the company for a maximum aggregate consideration of $101 million in cash. The company added that a sale would take place at a cost of $5.25 per ADS, representing an approximate 32 percent premium to the average closing trading price of NQ Mobile's ADS for the past 30 days.

NQ Mobile added that the share purchase has already been approved by the company's Board of Directors and the independent audit committee.