BAIYU Enters into Definitive Agreement to Acquire Leading Energy Storage and Lithium Battery Company, Expanding into Renewable Energy Market
BAIYU Holdings, Inc. (BYU)
Company Research
Source: PR Newswire
BRADENTON, Fla., Aug. 27, 2024 /PRNewswire/ -- BAIYU Holdings, Inc. ("BAIYU" or the "Company") (Nasdaq: BYU), a leading B2B bulk commodity e-commerce platform and supply chain service provider, today announced that the Company, through its wholly owned subsidiary Shenzhen Baiyu Jucheng Data Technology Co., LTD., has entered into a definitive share purchase agreement (the "Agreement") on August 21, 2024 with Shenzhen Jintongyuan Energy Storage Technology Co., Ltd. ("Jintongyuan"), a leading tech enterprise specializing in the R&D and production of high-performance energy storage batteries in China. This acquisition marks a pivotal milestone of the Company's ambitious strategy to expand into the renewable energy storage battery market.Pursuant to the Agreement, BAIYU agrees to acquire 100% of the equity interest of Jintongyuan for a total cash consideration of RMB750 million (approximate US$105 million), payable in installments. The transaction contemplated by the Agreement has been app
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BYU
Sec Filings
- 11/22/24 - Form 8-K
- 11/13/24 - Form 10-Q
- 10/30/24 - Form 8-K
- BYU's page on the SEC website