Momo Inc. is considering changing its name to ‘Hello Group Inc.’, as the company continues an ongoing shakeup which looks to turn around an extended period of decline.
An Extraordinary General Meeting (EGM) is scheduled for 2nd August in Beijing, China at 2pm CST. This is an opportunity for shareholders to hear more about the proposed rebranding before passing a vote.
Holders of American depositary shares who cannot attend the EGM in person, but still want to exercise their right to vote, must act through Deutsche Bank Trust Company Americas.
Momo has assured all shareholders that any change will not affect their rights or the business’s operations and financial position. It’s not clear yet whether the Momo app will be subject to the rebrand as well, or if it will just apply to the holding company.
Despite missing revenue estimates during its First Quarter earning’s report, Momo’s share price has risen by approximately 12% over the past month due to its positive outlook and evolving strategy.
Tantan is due to pivot slightly away from online dating to have more of a focus on a variety of verticals, including video content, gaming and offline activities.
According to Seeking Alpha, CEO Li Wang explained during the most recent investor call: “We have always believed that Tantan has the potential to grow bigger than where Momo is today. After we took over in April, we’ve conducted a comprehensive review of Tantan’s marketing approaches.
“While Tantan is undoubtedly the most-dedicated and effective dating app in China, we do have many opportunities to optimize so that we can do better in connecting the users for romantic purpose.”
Visit the Momo website here.