Galaxy Magnets Halts Plan to Issue Shares and Pay Cash for Asset Acquisition and Fundraising

Stock News03-12

Chengdu Galaxy Magnets Co., Ltd. (300127.SZ) has announced the termination of its plan to acquire 100% equity of Sichuan Jingdu Longtai Technology Co., Ltd. through issuing shares and paying cash, alongside a proposed private share placement to no more than 35 specific investors to raise supporting funds. Since the initial disclosure of the transaction proposal, the company and relevant parties had been advancing the necessary work in an orderly manner. However, due to failure to reach agreement on certain core terms, including the transaction price, with the counterparty, the company has decided to terminate the deal after careful consideration, aiming to protect the interests of all shareholders, especially minority shareholders, and the company itself.

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