Huatian Technology updates on Huayi Microelectronics acquisition, fundraising

Tianshui Huatian Technology Co., Ltd. has provided an update on its proposed acquisition of 100% equity in Huayi Microelectronics Corporation. The transaction, which involves issuing shares and a cash payment, also includes a private placement to raise supporting funds. This deal is considered a connected transaction.

The acquisition targets stakes held by 27 parties, including Tianshui Huatian Electronic Group Co., Ltd., Xi'an Houyi Investment Management Partnership (Limited Partnership), and Xi'an Xintianyu Platinum Enterprise Management Partnership (Limited Partnership). As of the announcement date, the audit and valuation work for the transaction remains incomplete.

The company will convene another board meeting to deliberate on the transaction once the audit and valuation processes are finalized. The final implementation of the transaction is subject to approval by the company's board of directors, shareholders, and relevant regulatory authorities.