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Ossen Innovation Co., Ltd. (Nasdaq: OSN) has formed an independent special committee as part of its evaluation of a preliminary non-binding acquisition proposal received on September 15, 2020. The committee, established on September 22, 2020, has engaged Houlihan Lokey (China) Limited as its independent financial advisor. The Board warns shareholders that no decisions regarding the acquisition proposal or alternatives have been made, and there is no guarantee of a definitive offer or agreement.
Ossen Innovation Co., Ltd. (Nasdaq: OSN) announced the formation of a special committee to evaluate a preliminary non-binding proposal to go private, received on September 15, 2020. The committee, led by independent director Junhong Li, has engaged DLA Piper as legal counsel and plans to hire a financial advisor. The Board cautioned shareholders that no definitive offer or agreement has been reached, emphasizing the uncertainties surrounding this proposal. No updates will be provided unless legally mandated.
Ossen Innovation Co., Ltd. (Nasdaq: OSN) announced on September 16, 2020, that its board received a preliminary non-binding acquisition proposal from Pujiang International Group Limited, which holds approximately 65.9% of the company. The offer values the outstanding shares at $1.667 each or $5.00 per American Depositary Share (ADS), representing a premium of about 28.9% based on the closing price on September 15, 2020. The board plans to form a special committee to evaluate the proposal but cautions shareholders that no definitive agreement has yet been reached.
Ossen Innovation Co., Ltd. (OSN) reported a revenue decline of 15.7% to $54.9 million for the six months ended June 30, 2020, due to pandemic-related challenges and economic slowdown in China. However, gross profit increased by 1.4% to $10.3 million, with a gross margin of 18.7%, up 3.1 percentage points. Operating income rose by 6.9% to $7.8 million, supported by lower costs. Net income attributable to OSN decreased by 6.7% to $5.3 million. The company also increased cash reserves to $11.9 million, while accounts receivable and inventories saw changes in response to market conditions.
Ossen Innovation Co., Ltd. (Nasdaq: OSN) announced that its majority owner, Pujiang International Group Limited, has secured a term loan of up to US$40 million from two financial institutions. The loan, aimed at funding working capital and investments, can be extended for an additional 12 months upon lender approval. Ossen guarantees the loan, which is backed by Pujiang's 65.9% ownership of the company. This financial move may enhance Ossen's operational capabilities and support its infrastructure projects.