Beyondsoft Technology Plans to Terminate Sale of 51% Stake in Target Company as Buyer Fails to Meet Listing Condition Precedent
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Author:小编   

Beyondsoft Technology has announced that it previously planned to have its wholly-owned subsidiary, Beyondsoft International Singapore, sell a 51% equity stake in the target company to NVNI for a base consideration of US$80.7 million. However, because the buyer received a Nasdaq delisting notice, the closing condition precedent stipulated in the agreement—requiring the buyer to maintain its listing status—was not satisfied, and the final deadline has expired. As a result, the transaction was not completed, and the buyer failed to pay the final purchase price. The company now intends to terminate this asset sale. The relevant proposal has been reviewed and approved by the board of directors and still requires approval from the shareholders' meeting. Following the termination, the company will continue to hold 100% equity in the target company, and the target business will remain within the scope of its consolidated financial statements.