Planet Green Holdings Corp. Enters Into Share Exchange Agreement and Closes Acquisition Transaction

On January 4, 2021, Planet Green Holdings Corp. (PLAG) completed a Share Exchange Agreement acquiring 85% equity of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd..

Rhea-AI Summary

On January 4, 2021, Planet Green Holdings Corp. (PLAG) completed a Share Exchange Agreement acquiring 85% equity of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd.. The transaction involved the issuance of 2,200,000 shares of common stock to the original shareholders of the target company, which specializes in ethanol fuel and additives in China. This acquisition represents a strategic move to enhance the Company's position in the renewable energy sector.

Positive

• Acquisition of 85% equity in a company specializing in ethanol fuel and fuel additives.
• Issuance of 2,200,000 shares strengthens partnership with innovative renewable energy firm.

Negative

• Potential dilution of existing shares due to stock issuance.
• Integration challenges may arise from merging operations with the acquired company.

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GAITHERSBURG, Md., Jan. 5, 2021 /PRNewswire/ -- Planet Green Holdings Corp. (the "Company") (NYSE American: PLAG) announced today that on January 4, 2021, the Company has entered into a Share Exchange Agreement with Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. ("Target") and each shareholder of the Target (collectively "Sellers"). Pursuant to the Share Exchange Agreement, the Company will acquire 85% of outstanding equity interests of the Target. The Company closed the acquisition transaction on January 4, 2021. The Target is engaged in researching, developing, manufacturing and selling ethanol fuel and fuel additive products in China.

At the closing, the Company issued an aggregate of 2,200,000 shares of common stock of the Company to the original shareholders of Target in exchange for the transfer of 85% of the equity interests of the Target to the Company.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that indicate future events or trends or are not statements of historical matters. These statements are based on our management's current expectations and beliefs, as well as a number of assumptions concerning future events.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of our control and all of which could cause actual results to differ materially from the results discussed in the forward-looking statements. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in our reports filed with the Securities and Exchange Commission, which are available, free of charge, on the SEC's website at www.sec.gov.

For more information please contact:
Ms. Lili Hu
Chief Financial Officer
Phone: 202 891 8907
Email: hulili@planetgreenholdings.com

 

View original content:http://www.prnewswire.com/news-releases/planet-green-holdings-corp-enters-into-share-exchange-agreement-and-closes-acquisition-transaction-301200071.html

SOURCE Planet Green Holdings Corp.

FAQ

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What is Planet Green Holdings' recent acquisition?

Planet Green Holdings acquired 85% of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. on January 4, 2021.

What does Jingshan Sanhe Luckysky specialize in?

The company specializes in researching, developing, manufacturing, and selling ethanol fuel and fuel additive products in China.

How many shares did Planet Green Holdings issue for the acquisition?

Planet Green Holdings issued 2,200,000 shares of common stock to complete the acquisition.

What is the significance of this acquisition for PLAG?

This acquisition aims to enhance PLAG's presence in the renewable energy market through increased product offerings.