Courtesy of Benzinga.
Cogo Group (NASDAQ: COGO) released its Q4 earnings results on Thursday after the closing bell. The company reported adjusted EPS of $0.13 versus $0.24 in the year ago period. The company also announced that its founder and CEO Jeffrey Kang has proposed to the board that he purchase a series of operating entities which account for approximately 30% of the company’s total assets. The purchase price is expected to be between $60 million and $82 million.
During Friday’s trading session, COGO shares have soared 61% to $3.13 after opening at $3.64. More than 3 million COGO shares have traded hands on the day compared to a 3-month daily average of just 77,000.
Cogo Group, Inc. provides customized module design solutions for a range of applications and markets, serving as a gateway for the technology component suppliers to access electronics manufacturers in the People’s Republic of China.
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