Li Bang to acquire 50.1% of Jiangsu Xinsheng for approximately US$42.2 million
Li Bang's wholly owned subsidiary Jiangsu Libang Intelligent Technology Co., Ltd. agreed to acquire 50.1% of Jiangsu Xinsheng Synthetic Materials Co., Ltd. for an aggregate purchase price of approximately US$42.2 million, consisting of 2,000,000 Class A ordinary shares and US$23 million of cash. The transaction is implemented through three staged closings, with the initial 40% equity registration at the second closing and 50.1% at the third closing. The shares will be issued as restricted, unregistered securitie...
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