Biolidics Enters Supplemental Agreement Tied to Shenzhen Network Technology Acquisition; Biolidics Shares Plummet 10%

MT Newswires08-05

Biolidics (SGX:8YY) entered into a supplemental agreement with Yuan Zhi Jun and Wu Kun Wei in relation the 100% acquisition of Shenzhen Network Technology, a filing with the Singapore Exchange said on Friday.

Under the supplemental agreement, the definition of the earn-out period under the sale and purchase agreement will be amended to mean the 12-month period commencing from the day of acquisition completion.

Earlier, the company had entered into a conditional sale and purchase agreement with the individuals for the acquisition of Shenzhen Network Technology for a purchase consideration of SG$2.8 million by way of allotment and issuance of 316,400,000 shares equivalent to 70% of the total shares and SG$1.2 million of purchase consideration by way of allotment and issuance of up to 135,600,000 shares equivalent to 30% of the total aggregate earn-out consideration shares.

Shares of the medical research company plunged 10% in recent trading.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment