Fuwei Films Adds 7% On Decision To Merge With Baijiayun
Shares of Fuwei Films (Holdings) Co., Ltd. (FFHL) are rising more than 7% Monday morning after the company announced its decision to merge with video-technology service provider Baijiayun Limited.
Baijiayun will merge with a wholly-owned subsidiary of FFHL, after which Baijiayun will be the surviving entity, the company said.
The issued and outstanding share capital of Baijiayun will be cancelled in exchange for newly issued FFHL shares.
The combined company will be owned 96.79% by Baijiayun shareholders and the remaining 3.21% by Fuwei Films shareholders.
The transaction is expected to be completed in the fourth quarter of 2022.
FFHL, currently at $5.29, has traded in the range of $4.40 – $11.69 in the past 1 year.
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