Cloopen Group Holding Limited Announces Shareholders' Approval of Merger Agreement

If the merger closes, Cloopen's ADSs would lose their OTC Pink quotation and its ADS program would end.

Rhea-AI Summary

Cloopen Group Holding (RAASY) received shareholder approval on September 24, 2026, for its previously announced merger agreement with SpringX Holdings and affiliates. At an extraordinary general meeting, approximately 99.98% of votes cast supported the proposal to authorize and approve the agreement and its contemplated transactions, including the merger.

Under the agreement, SummerX Holdings, a subsidiary of AutumnX Holdings, will merge into Cloopen. Cloopen would survive as a wholly owned subsidiary of AutumnX, which is wholly owned by SpringX. The merger has not been completed. If it closes, Cloopen would become privately owned, its ADSs would no longer be quoted on the OTC Pink Market, and its ADS program would end.

Positive

• Merger agreement approved: approximately 99.98% of votes cast at the September 24 meeting

Negative

• If the merger closes: OTC Pink ADS quotation and ADS program would end

Key Figures

Votes approving merger agreement: Approximately 99.98% of total votes cast

Votes approving merger agreement

Approximately 99.98% of total votes cast

Shareholder vote at the extraordinary general meeting

Key Terms

ads program

1 terms

ads program financial

"the Company's ADS program will be terminated"

A ads program is a company’s organized system for creating, selling and delivering digital or offline advertisements, including the rules, targeting tools, pricing models and reporting used to run ad campaigns. Like a store’s shelving and checkout system that decides which products get seen and bought, an ads program shapes how much advertising revenue a business can earn, how users experience the product, and how easily the company scales or adjusts to market and regulatory changes.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BEIJING, Sept. 24, 2026 /PRNewswire/ -- Cloopen Group Holding Limited (OTC: RAASY) ("Cloopen" or the "Company"), today announced that at an extraordinary general meeting of shareholders (the "EGM") held today, the Company's shareholders voted in favor of the proposal to authorize and approve the previously announced Agreement and Plan of Merger (the "Merger Agreement") with SpringX Holdings Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands ("Parent"), AutumnX Holdings Limited ("HoldCo"), an exempted company incorporated with limited liability under the laws of the Cayman Islands and a wholly-owned subsidiary of Parent, and SummerX Holdings Limited ("Merger Sub"), an exempted company incorporated with limited liability under the laws of the Cayman Islands and a wholly-owned subsidiary of HoldCo, pursuant to which the Merger Sub will merge with and into the Company through a merger in accordance with Part 16 of the Companies Act (As Revised) of the Cayman Islands (the "Merger"), with the Company surviving the Merger as the surviving company and becoming a wholly-owned subsidiary of HoldCo as a result of the Merger. 

The Merger Agreement and the transactions contemplated thereby, including the Merger, were approved by approximately 99.98% of the total votes cast at the EGM.

The Company will work with the other parties to the Merger Agreement towards completing the Merger in accordance with the Merger Agreement. If completed, the Merger will result in the Company becoming a privately-owned company wholly-owned directly by HoldCo, its ADSs will no longer be quoted on the OTC Pink Market, and the Company's ADS program will be terminated.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "predicts," "intends," "trends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. The Company may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, including the possibility that the Merger will not occur as planned if events arise that result in the termination of the Merger Agreement, or if one or more of the various closing conditions to the Merger are not satisfied or waived, and other risks and uncertainties regarding the Merger Agreement and the Merger that are discussed in the Schedule 13E-3, as amended, filed with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

About Cloopen Group Holding Limited

Cloopen Group Holding Limited is a leading multi-capability cloud-based communications solution provider in China offering a full suite of cloud-based communications solutions, covering communications platform as a service (CPaaS), cloud-based contact centers (cloud-based CC), and cloud-based unified communications and collaborations (cloud-based UC&C). Cloopen's mission is to enhance the daily communication experience and operational productivity for enterprises. Cloopen aspires to drive the transformation of enterprise communications industry by offering innovative marketing and operational tactics and SaaS-based tools.

For more information, please visit https://ir.yuntongxun.com. 

For investor and media inquiries, please contact:

Cloopen Group Holding Limited
Investor Relations
Email: ir@yuntongxun.com

View original content:https://www.prnewswire.com/news-releases/cloopen-group-holding-limited-announces-shareholders-approval-of-merger-agreement-302888913.html

SOURCE Cloopen Group Holding Limited

FAQ

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How did Cloopen shareholders vote on the merger agreement?

At the September 24, 2026, extraordinary general meeting, approximately 99.98% of votes cast favored authorizing and approving the merger agreement and its contemplated transactions.

What happens to Cloopen's ADSs if the merger closes?

If the merger closes, Cloopen's ADSs will no longer be quoted on the OTC Pink Market, and the company's ADS program will be terminated. The merger has not been completed.