Yangjie Tech abandons share issuance, pursues cash acquisition

Yangzhou Yangjie Electronic Technology announced it is terminating its previously planned share issuance and cash payment for the acquisition of Dongguan Bette Electronic Technology. Citing changes in the capital market environment and failure to reach agreement on terms with the numerous counterparties, Yangjie will now pursue the acquisition of Dongguan Bette solely through cash. The company has signed a non-binding "Letter of Intent for Cash Acquisition" with key shareholders of Dongguan Bette, outlining the potential for Yangjie to acquire all or part of the company's shares for cash, pending further due diligence and valuation. In related news, Vice President Wang Yulin has resigned from his position at Yangjie Tech, with the company stating that his departure will not impact normal operations.