Cloopen Closes Take-Private Merger, ADSs to Be Delisted From OTC
RAASY has more than doubled off its 52-week low of $0.82.
Summary
Cloopen completed its merger with SpringX Holdings' subsidiary, closing the take-private deal shareholders approved on September 24 with 99.98% of votes cast. Each ADS is cancelled for US$2.9641 in cash and each Class A ordinary share for US$0.4940, with no interest and less depositary fees. FINRA is expected to remove the trading symbols on or after today and OTC quotation will be suspended shortly, so trades after the effective time may be invalid. The company will file a Form 15 to deregister and suspend its SEC reporting obligations. The remaining decision for holders is administrative: surrender shares or ADSs per the letter of transmittal to collect the cash, with dissenting holders left to Cayman Islands appraisal under Section 238.
At the time of this announcement, RAASY was trading at $2.53 on OTC in the Technology sector, with a market capitalization of approximately $147.1M. The 52-week trading range was $0.82 to $2.65. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: PR Newswire.