Polyethylene terephthalate (PET) cups and lids manufacturer Broadway Technology (Gaokai), through its subsidiary Zhejiang Gaokai New Materials, has signed a merger agreement with Quartzsea Acquisition Corporation.<\/p>\n
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This agreement details a business combination that will result in Quartzsea, a special purpose acquisition company, acquiring Gaokai through its subsidiary, Cuisine Universal Packaging Solution, facilitating its listing on the Nasdaq Global Market.<\/p>\n
Shareholders of Gaokai are expected to receive ordinary shares of Cuisine Universal upon the completion of the transaction.<\/p>\n
Certain shareholders of Gaokai will be bound by lock-up agreements lasting 180 days following the closure of the transaction, with specific exceptions.<\/p>\n
The merger has been unanimously endorsed by the boards of both companies but is still subject to regulatory approvals and shareholder consent.<\/p>\n
CUPS Sub, a subsidiary of Cuisine Universal, will merge with Gaokai, resulting in Gaokai becoming a wholly owned subsidiary of Cuisine Universal.<\/p>\n
Once the transaction is completed, the newly formed entity is anticipated to be listed on Nasdaq under the ticker symbol \u2018CUPS\u2019.<\/p>\n
Gaokai, located in Zhejiang Province, specialises in the production of PET cups and lids for various packaging sectors, including aviation and beverages.<\/p>\n
For this transaction, Celine & Partners, Ogier Global (Cayman), and B&D Law Firm serve as legal counsel to Quartzsea.<\/p>\n
Pryor Cashman, Harney Westwood & Riegels, and Jingtian & Gongcheng serve as legal counsel to Gaokai. Chain Stone Capital serves as the financial advisor to Gaokai for the merger.<\/p>\n
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