Cloopen Shareholders Approve $2.52/ADS Take-Private Merger with 99.98% Vote
RAASY has more than doubled off its 52-week low of $0.361.
Summary
Cloopen shareholders approved the take-private merger with SpringX Holdings at an EGM today, with 99.98% of votes cast in favor. The deal, previously announced, will take the company private at $2.52 per ADS, delist from OTC Pink, and terminate the ADS program. The overwhelming approval removes the last major shareholder hurdle, leaving only closing conditions. Completion will end public trading of RAASY, locking in the merger consideration for holders.
At the time of this announcement, RAASY was trading at $2.52 on OTC in the Technology sector, with a market capitalization of approximately $143.7M. The 52-week trading range was $0.36 to $2.60. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: PR Newswire.