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Hollysys Automation Technologies (NASDAQ: HOLI) and Ascendent Capital Partners have completed their merger transaction. As a result, Hollysys has become a wholly-owned subsidiary of Ascendent and will cease to be publicly traded. The company has requested the suspension of its shares on Nasdaq as of July 25, 2024.
Key points of the merger include:
- Shareholders will receive $26.5 per share in cash
- The merger was approved by shareholders on February 8, 2024
- Hollysys will suspend its SEC reporting obligations
- The company will be delisted from Nasdaq
Both parties expressed satisfaction with the deal, viewing it as the best path forward for the company and its stakeholders.
Hollysys Automation Technologies (NASDAQ: HOLI) has announced the expected completion of its merger with a buyer controlled by Ascendent Capital Partners. The transaction is anticipated to close as soon as July 25, 2024. All necessary approvals have been obtained, and the parties expect to satisfy or waive all closing conditions by this date. Hollysys has notified Nasdaq of its intention to delist its shares from the NASDAQ Global Select Market on or shortly after the closing date.
Hollysys Automation Technologies (NASDAQ: HOLI) announced the completion of regulatory reviews by Ascendent Capital Partners for their upcoming merger. Ascendent has secured all necessary PRC approvals. The transaction will proceed once all closing conditions are met, including maintaining a specified net cash amount and ensuring certain cash deposits. Hollysys currently foresees no issues in meeting these conditions. Additionally, the merger is contingent upon less than 10% shareholder dissent. Upon completion, Hollysys shares will be delisted from NASDAQ. The parties aim for a swift transaction closure.
Hollysys Automation Technologies (NASDAQ: HOLI) announced the appointment of Vocation HK CPA as its new independent registered public accounting firm, effective May 28, 2024. This decision follows the resignation of Union Power HK CPA due to the health condition of their managing partner, effective April 12, 2024. Both Hollysys' board and audit committee have approved Vocation's appointment.
The company also provided an update on its merger agreement with Ascendent Capital Partners (ACP), reaffirming their commitment to closing the transaction and progressing towards meeting the required conditions.
Hollysys Automation Technologies (NASDAQ: HOLI) announced that its CEO, Dr. Changli Wang, has sold a portion of his shares for personal financial planning.
Dr. Wang retains approximately 80% of his pre-sale holdings and has no plans for additional sales before the closing of a going-private transaction with Ascendent Capital Partners (ACP).
Management, including Dr. Wang, remains committed to meeting the closing conditions of the merger agreement with ACP.
Hollysys Automation Technologies reported its financial results for the third quarter and the first nine months ended March 31, 2024. The company saw a slight increase in total revenues to $597.1 million for the first nine months, but gross margins declined from 33.4% to 31.0%. Net income dropped by 38.8% to $49.7 million, with diluted earnings per share decreasing by 38.9% to $0.80. For the third quarter, revenues increased 3.5% to $173.5 million, but net income fell by 66.2% to $3.9 million, with EPS down 68.4% to $0.06. Hollysys achieved $240.4 million in new contracts and had a backlog of $992.2 million. The company faced increased operating expenses, notably a 91% rise in general and administrative costs. Cash flow from operations was negative, with net cash used in operating activities at $37.4 million. Despite these challenges, Hollysys received recognition for its technological advancements and secured several significant projects in various sectors.
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