Mergers & Acquisitions ·
Li Bang agrees to acquire controlling stake in Jiangsu Xinsheng for $23M cash and 2M shares
LBGJLi Bang International Corp Inc.
Jiangsu Libang Intelligent Technology Co., Ltd., a wholly-owned subsidiary of Li Bang International Corporation Inc., entered into a Share Purchase Agreement to acquire a 50.1% controlling equity interest in Jiangsu Xinsheng Synthetic Materials Co., Ltd. The total consideration consists of US$23,000,000 in cash and the issuance of 2,000,000 Class A ordinary shares of Li Bang International Corporation Inc. The transaction will close in three stages, with the first closing expected within ten business days of signing. The issued shares are subject to lock-up restrictions and a performance-based leak-out schedule. Li Bang International Corporation Inc. operates in the chemical raw materials industry.