On the evening of November 8, Beijing time, Sina Technologies News announced today that the company will implement a stock purchase agreement to strategically acquire Ezbuy, a Singapore e-commerce platform.
Under the stock purchase agreement, and as part of the strategic deal aimed at synergizing with the company's current business, Lanting has agreed to buy 100% of Ezbuy for $8555 in the form of a one-year interest-free convertible note.
According to the agreement, if the price of Lanting Chief Market ADS reaches $3.85 for three consecutive trading days, these convertible copies will automatically be converted to 22,220,779 ADS shares. If the price of Lanting Market ADS does not reach $3.85 within one year, Lanting Market is obliged to issue an additional 22,220,779 ADS shares in a combination of cash and securities.
Ezbuy was founded in 2010 and is headquartered in Singapore. At present, Ezbuy is one of the leading cross-border e-commerce platforms in Southeast Asia. Ezbuy has more than 3 million users in Singapore, Malaysia, Indonesia, Thailand and Pakistan. They can buy high-quality goods from mainland China, Taiwan, the United States, South Korea, Malaysia and Singapore through Ezbuy.
On October 30, Lanting gathered momentum to announce receipt of a notice from the New York Stock Exchange informing the company that the average closing price of its stock in the past 30 consecutive trading days was less than $1, thus failing to meet the minimum standard for continued listing. Lanting Pavilion gathered at that time and said that measures would be taken to solve the problem. (Li Ming)
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