Turtle Beach Corporation

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Turtle Beach Corporation
For more information regarding this transaction contact:
  • Mike Townley Investment Banking 213.536.0241

Lake Street is pleased to announce that it served as financial advisor to Turtle Beach Corporation (NasdaqGM: HEAR) on the retirement of all outstanding 8% Series B Preferred Stock of Turtle Beach Subsidiary, VTB Holdings, Inc. Institutional investors purchased the Preferred Stock from the prior owner and subsequently exchanged the Preferred Stock for 1,307,143 newly issued shares of Company common stock and pre-funded warrants exercisable for 550,000 shares of Company common stock. The retirement of the Preferred Stock removed a liquidation preference and redemption value, as of March 31, 2018, of approximately $19.3 million. The market value of the issued shares and warrants as of the closing price on April 24th, the date of signing the agreement, was $8,431,429.

About Turtle Beach Corporation

Turtle Beach has been revolutionizing console multiplayer gaming since the very beginning with its wide selection of industry leading, award-winning gaming headsets.  Amazing audio quality, crystal-clear communication, lightweight and comfortable designs, innovative and advanced technology, and ease-of-use are just a few features that have made Turtle Beach a fan-favorite brand for gamers the world over. Made for Xbox and PlayStation® consoles as well as for PC and mobile devices, having a Turtle Beach gaming headset in your arsenal gives you the competitive advantage. 


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