YSB Set to Acquire Folding Space (Cayman) for 1.03 Billion Yuan, Changes Use of Proceeds from Global Offering

MT Newswires Live10-16

YSB (HKG:9885) agreed to purchase 100% of the issued and outstanding share capital of Folding Space (Cayman) from its founders, investors, manager sellers, and target warrantors for over 1.03 billion yuan, a Tuesday filing with the Hong Kong Exchange said.

The company will pay 784.5 million yuan to the target's founder, investor, and manager sellers, while the rest of the consideration will be settled by allotment and issuance of 38,868,918 consideration shares at the price of HK$12 per share.

The total number of shares that might be issued, subject to certain performance targets and other conditions, is 56,291,865, representing about 8.04% enlarged issued share capital of the company.

The digital pharmaceutical platform decided to utilize the net proceeds of HK$167.4 million from its initial Hong Kong and international offering to expand its operations by investing in or acquiring projects related to its key business.

The company's shares closed over 4% lower on Wednesday.

Price (HKD): $7.05, Change: $-0.31, Percent Change: -4.21%

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