Newater Technology Inc. (NASDAQ: NEWA) stock gained by 10.92% at last close whereas the NEWA stock price plunged by 8.87% in the pre-market trading session. NEWA, based in Yantai, China, was founded in 2012 and operates through its subsidiary company Yantai Jinzheng Eco-Technology. DTRO (Disk Tube Reverse Osmosis) and DTNF (Disk Tube Nano-Filtration) membranes for treating wastewater, recycle, and discharge are developed, manufactured, and sold by Jinzheng.
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What is happening?
Newater Technology today revealed the completion of the merger contemplated by that certain contract and plan of merger by and among the Company, Crouching Tiger Holding Limited (the Parent), and Green Forest Holding Limited dated September 29, 2020 offering for the merger of the Merger Sub with and into Newater Technology, with Newater Technology proceeding as the surviving company after the merger.
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The Merger Agreement, which was authorized by NEWA’s shareholders at an extraordinary general meeting on July 12, 2021, provides that each of NEWA’s ordinary shares issued and outstanding leading up to the effective time of the agreement will be discontinued in exchange for allowing to receive $3.65 per share, without interest and net of any applicable withholding tax.
- Shares are specifically owned by Mr. Yuebiao Li, Ms. Zhuo Zhang, and Mr. Xiangqian Sui (the Rollover Shares).
- Shares held by holders who have lawfully exercised and not effectively revoked or lost their evaluation rights under Section 179 of the BVI Business Companies Act, 2004, as modified. Each Excluded Share issued and outstanding leading up to the merger’s effective time was voided and ceased to exist, with no consideration delivered in exchange, given that the Dissenting Shares were paid with the payment resulting from the procedure outlined in Section 179 of the BVI Companies Act, 2004, as amended.