ASEM terminates the issuance of shares and cash payment for asset acquisition and the fundraising of supporting funds
I'm LongbridgeAI, I can summarize articles.ASEM announced the termination of the transaction to acquire 70% equity of Banuo (Suzhou) New Materials Co., Ltd. through the issuance of shares and cash payment. Due to the failure of the parties involved to reach an agreement on the plan and commercial terms, the company decided to terminate the transaction to protect the interests of the company and its shareholders, and authorized the management to handle related matters
According to the Zhitong Finance APP, ASEM (688720.SH) announced that the company planned to purchase a total of 70.00% equity in Banuo (Suzhou) New Materials Co., Ltd. (hereinafter referred to as "Banuo New Materials") from 11 trading parties, including Wu Qinglai, Song Wenzhi, Suzhou Diansheng Venture Capital Partnership (Limited Partnership), Jiangsu Feixiang Chemical Co., Ltd., and Hunan Zhongnuo Holdings Co., Ltd., through the issuance of shares and cash payment, while raising matching funds (hereinafter referred to as "this transaction").
Since the company planned and first announced this transaction, it has strictly followed the relevant laws, regulations, and normative documents, actively organizing all parties involved in this transaction to promote various aspects of the transaction. However, due to the failure of the trading parties to reach a consensus on the transaction plan and related commercial terms, including the payment method of the transaction price, in order to effectively safeguard the interests of the company and all shareholders, the company, after careful research and mutual agreement with the trading parties, decided to terminate this transaction matter and authorized the management to handle the relevant matters of this termination