FFHL - Fuwei Films stock gains on merger with video-centric technology solution firm Baijiayun
- Fuwei Films ( NASDAQ: FFHL ) stock rose ~6% on Monday after the firm said its unit will merge with video-centric technology solution provider Baijiayun, with Baijiayun being the surviving entity.
- Baijiayun's issued and outstanding share capital will be cancelled in exchange for newly issued FFHL shares.
- Existing Baijiayun shareholders and FFHL shareholders will own ~96.79% and 3.21%, respectively, of the outstanding shares.
- Prior to the deal's closing, FFHL's ordinary shares will be divided into Class A and Class B ordinary shares, with different voting powers but equal economic rights.
- The deal is expected to be completed in Q4.
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Fuwei Films stock gains on merger with video-centric technology solution firm Baijiayun