XML 31 R20.htm IDEA: XBRL DOCUMENT v3.20.2
Subsequent Events
3 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent events Subsequent eventOn November 2, 2020, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with V99, a Delaware corporation (“V99”), led by HP Jin, President, Chief Executive Officer and Chair of our Board of Directors, and Telenav99, Inc., a Delaware corporation and wholly owned subsidiary of V99 (“Merger Sub”), providing for the merger of Merger Sub with and into Telenav (the “Merger”), with Telenav surviving the Merger as a wholly owned subsidiary of V99. The Merger Agreement provides that, at the effective time of the Merger, each share of common stock, par value $0.001 per share, of Telenav (“Company Common Stock”) issued and outstanding immediately prior to such (other than shares held in treasury, shares held by Dr. Jin, Mr. Chen, Digital Mobile Venture Limited and their affiliates (the “Purchaser Group”) and dissenting shares) will be cancelled and extinguished, and automatically converted into the right to receive cash in an amount equal to $4.80, without interest thereon (the “Merger Consideration”). The Merger Agreement also provides for the cancellation of out-of-the-money options; the conversion of in-the-money options to the right to receive the Merger Consideration less the applicable exercise price and withholding taxes; the conversion of unvested restricted stock units into the right to receive the Merger Consideration less applicable withholding taxes; and the cash out of vested restricted stock units for the Merger Consideration less applicable withholding taxes.