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Today's Biggest Winners: Ford, Apple, and Tesla Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Thursday, March 28, 2024
Highest Performances Jumps on New Agreement
Highest Performances Holdings Inc. (NASDAQ: HPH), a leading third-party wealth management services provider in China, today announces that, on March 27, the Company entered into a second supplementary agreement to the strategic framework agreement previously entered into with Singapore White Group Pte. Ltd.
Pursuant to the Supplementary Agreement II, the Company will acquire 77.5% of the equity interests in Singapore White Lingjun Pte. Ltd., a wholly-owned subsidiary of White Group. In exchange, the Company will issue an aggregate of 20,758,929 American Depositary Shares (“ADSs”), equivalent to 31,138,394 ordinary shares of the Company, to White Group. The shares consideration paid by the Company was determined based on the price equivalent to 80% of the average closing price of its ADSs for the 20 trading days preceding the signing date.
The Company expects to complete the transaction by the end of June 2024, subject to customary closing conditions. Upon completion of the transaction, the total number of outstanding ordinary shares of the Company is estimated to be 403,685,932, representing 269,123,954 ADSs. White Group is expected to be interested in approximately 7.7% of the Company's enlarged share capital giving effect to the transaction.
HPH shares barreled up 81 cents, or 9.3%, to $9.49.
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