Friday, December 20, 2013

Trunkbow International entered into merger agreement with BVI and Nevada companies

Trunkbow International Holdings Limited, the company providing mobile payment solutions and mobile value added services in China, entered into an agreement and plan of merger with Trunkbow Merger Group Limited, a business company incorporated in the British Virgin Islands, and Trunkbow International Merger Sub Limited, a Nevada company wholly owned by the BVI corporation.

Under the terms of the merger agreement, Trunkbow Merger Group will acquire the Chinese company for US$1.46 per share of the company’s common stock without interest. Trunkbow International Merger Sub will merge with and into Trunkbow International Holdings, with the last as the surviving corporation, becoming the wholly owned subsidiary of the BVI-registered Trunkbow Merger Group.

The company will call a meeting of its stockholders for the purpose of voting on the adoption of the Merger Agreement. If completed, the merger will result in the company becoming privately held, and its shares would no longer be listed on the NASDAQ.