SORL Auto Parts Announces Completion of Merger
15 Mayo 2020 - 8:15AM
SORL Auto Parts, Inc. (NASDAQ:
SORL) (“
SORL” or the
“
Company”), a leading manufacturer and distributor
of automotive brake systems as well as other key safety-related
auto parts in China, today announced the completion of the merger
(the “
Merger”) of the Company with Ruili
International Merger Sub Inc. (“
Merger Sub”), a
wholly owned subsidiary of Ruili International Inc.
(“
Parent”), a Delaware corporation, pursuant to
the previously announced Agreement and Plan of Merger (the
“
Merger Agreement”), dated as of November 29,
2019, by and among the Company, Parent and Merger Sub.
Under the terms of the Merger Agreement, which
was approved by the Company’s stockholders at its special meeting
of stockholders held on May 8, 2020, each share of Company common
stock issued and outstanding prior to the effective time, other
than shares held by Parent (representing shares contributed to
Parent by Mr. Xiaoping Zhang, Ms. Shuping Chi and Mr. Xiaofeng
Zhang) which shares have been cancelled for no consideration, has
been converted into the right to receive $4.72 per share in cash,
without interest and net of any applicable withholding taxes. As a
result of the Merger, SORL became a wholly owned subsidiary of
Parent, and the shares of the Company common stock no longer trade
on the NASDAQ Global Market (“NASDAQ”).
Stockholders of record as of the effective time
of the Merger who are entitled to the merger consideration will
receive a letter of transmittal and instructions on how to
surrender their share certificates in exchange for the merger
consideration. Stockholders should wait to receive the letter of
transmittal before surrendering their share certificates.
In connection with the consummation of the
Merger, the Company has requested that trading of its common stock
on NASDAQ be suspended prior to opening of trading on May 15, 2020.
The Company requested that NASDAQ file with the SEC a Form 25
relating to the delisting of the Company’s common stock from NASDAQ
and the deregistration of the Company’s registered securities. The
Company intends to file a Form 15 with the SEC under the Securities
Exchange Act of 1934, as amended (the “Exchange
Act”), requesting the deregistration of the Company’s
shares of common stock, under Section 12(g) of the Exchange Act and
the suspension of the Company’s reporting obligations under Section
15(d) of the Exchange Act. The Company’s obligations to file with
the SEC certain reports and forms, including Form 10-K, Form 10-Q
and Form 8-K, will be suspended immediately as of the filing date
of the Form 15 and will cease once the deregistration becomes
effective.
About SORL Auto Parts, Inc.
As a global tier one supplier of brake and
control systems to the commercial vehicle industry, SORL Auto
Parts, Inc. (NASDAQ: SORL) is the market leader for commercial
vehicles brake systems, such as trucks and buses in China. The
Company distributes products both within China and internationally
under the SORL trademark. SORL is listed among the top 100 auto
component suppliers in China, with a product range that includes 65
categories with over 2000 specifications in brake systems and
others. The Company has four authorized international sales centers
in UAE, India, the United States and Europe. SORL is working to
establish a broader global sales network. For more information,
please visit http://www.sorl.cn.
Cautionary Statement Regarding Forward-Looking
Statements
All statements included in this press release,
other than statements or characterizations of historical fact, are
forward-looking statements. These forward-looking statements are
based on our current expectations, management’s beliefs, and
certain assumptions made by us, all of which are subject to change.
Forward-looking statements can often be identified by words such as
“anticipates,” “expects,” “intends,” “plans,” “predicts,”
“believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,”
“could,” “potential,” “continue,” “ongoing,” similar expressions,
and variations or negatives of these words. These forward-looking
statements are not guarantees of future results and are subject to
factors, risks, uncertainties and assumptions that could cause our
actual results to differ materially and adversely from those
expressed in any forward-looking statement.
Contact Information
Daisy
Yu+86-135-6618-2034+86-577-6581-7721phyllis@sorl.com.cn
Kevin TheissInvestor RelationsAwaken
Advisors212-521-4050kevin@awakenlab.com
SORL Auto Parts (NASDAQ:SORL)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
SORL Auto Parts (NASDAQ:SORL)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024