Yintech Investment Holdings Limited (NASDAQ: YIN) has completed its merger with Yinke Merger Co. Ltd, resulting in the company becoming a wholly owned subsidiary of Yinke Holdings Ltd. Shareholders will receive US$0.365 per share, and US$7.30 per American depositary share (ADS), minus applicable fees. Trading of ADSs on Nasdaq has been suspended, and the company has requested delisting and deregistration of its securities with the SEC. Following this, reporting obligations under the Securities Exchange Act will be suspended.
Yintech Investment Holdings Limited (NASDAQ: YIN) announced the immediate resignation of Mr. Lijun Lin from its board of directors on September 29, 2020, due to personal reasons. The company clarified that his departure was not due to any disagreements regarding company operations or policies. Yintech expressed gratitude for Mr. Lin's contributions during his tenure. The company emphasizes its commitment to providing individual investors in China with top-notch investment and trading services, focusing on commodities and securities advisory.
Yintech Investment Holdings Limited (NASDAQ: YIN) has announced a Merger Agreement to be acquired by Yinke Holdings Ltd for approximately US$540.2 million. Under the terms, shareholders will receive US$0.365 per ordinary share or US$7.30 per American depositary share (ADS) in cash. The transaction represents a 38.26% premium over the last closing price prior to the proposal. The merger is expected to close in the fourth quarter of 2020 and will result in the company becoming private, ceasing its Nasdaq listing.
On July 6, 2020, Yintech Investment Holdings Limited (NASDAQ: YIN) announced that its Special Committee has engaged Duff & Phelps, LLC and Kirkland & Ellis to evaluate a non-binding 'going private' proposal from its co-founders. The Board cautioned that no decisions regarding the proposal have been made, and no definitive offer is guaranteed. The Special Committee is exploring all strategic alternatives. As the company operates in a competitive environment, various risks may affect future performance.
Yintech Investment Holdings Limited (NASDAQ: YIN) announced on June 22, 2020, that its board received a non-binding proposal from its co-founders to acquire the outstanding shares not held by them for $6.80 per American Depositary Share (ADS). This offer, reflecting a 29% premium over the last closing price, aims to take the company private. A special committee has been formed to evaluate the proposal, but no decisions have been made yet. The proposal requires further due diligence and definitive agreements, and there is no guarantee of its completion.