2021 JUL 22 (NewsRx) — By a
Pursuant to the LOI, the Company agreed to acquire 100% of the equity interests of Jinbochuang and Jinmeike in exchange for certain amount of shares of common stock of the Company be determined based on the Company’s due diligence and the parties negotiation. Management expects the acquisition will complete within 180 days from the date of the LOI assuming satisfactory due diligence and the parties can enter into definitive agreement. Either party to the LOI may terminate the LOI unilaterally. As the transaction proceeds, the Company will publicly disclose required information either through press releases or
Completion of the transaction is subject to due diligence investigations by the relevant parties, the negotiation and execution of a definitive share exchange agreement, satisfaction of the conditions negotiated therein including the approval of the Company’s Board of Directors, approval by Nasdaq of the listing of shares issued in the transaction, and the satisfaction of other customary closing conditions. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated. Further, readers are cautioned that those portions of the LOI that describe the proposed transaction, including the consideration to be issued therein, are non-binding.
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