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Baijiayun Agrees To Merge With Fuwei Films Subsidiary

Author: Shivani Kumaresan | July 18, 2022 10:18am

Fuwei Films (Holdings) Co Ltd (NASDAQ:FFHL) has entered into a merger agreement with software solutions provider Baijiayun Limited, by which Baijiayun will merge with a wholly-owned subsidiary of Fuwei.
Baijiayun will be the surviving entity, and the issued and outstanding share capital of Baijiayun will be canceled in exchange for newly issued shares of Fuwei.
Upon completion of the deal, Baijiayun will become a wholly-owned subsidiary of Fuwei.
The existing Baijiayun shareholders and existing Fuwei shareholders will own approximately 96.79% and 3.21%, respectively, of the outstanding shares of the combined company.
The companies expect to complete the transaction in the fourth quarter of 2022.
Price Action: FFHL shares are trading higher by 7.30% at $5.29 on the last check Monday.
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Posted In: FFHL