(Bloomberg) -- Link Motion Inc., a Beijing-based connected-car firm, said Chief Executive Officer Zemin Xu and two other top executives are resigning.

Jia Lian has been appointed acting CEO to restructure management as part of new agreements with Zhongzhi Hi-Tech Overseas Investment Ltd., Link Motion said in a statement late Friday. Chief Financial Officer Roland Wu and General Counsel Justin Chen, who also served as president, are also stepping down.

Link Motion said it’s in a non-binding agreement with Zhongzhi, and is pledging senior notes and shares of NQ International Inc. as securities as it holds further discussions to extend the maturity date of a convertible note held by Zhongzhi.

Link Motion’s American depositary receipts closed Friday at 75 cents and have fallen more than 81 percent this year.

To contact the reporters on this story: Sonali Basak in New York at sbasak7@bloomberg.net;Jacob Gu in New York at jgu3@bloomberg.net

To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Bernard Kohn, Joe Carroll

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