Source: SORL announcement
ZHEJIANG, China — SORL Auto Parts, Inc. (NASDAQ: SORL), a leading manufacturer and distributor of automotive brake systems as well as other key safety-related auto parts in China, has announced the completion of its merger with Ruili International Merger Sub Inc., a wholly owned subsidiary of Ruili International Inc. The action was pursuant to the previously announced Agreement and Plan of Merger dated as of November 29, 2019.
Under the terms of the merger agreement, which was approved by the company’s stockholders at its special meeting May 8, 2020, each share of company common stock issued and outstanding prior to the effective time, other than shares held by Ruili (which shares have been cancelled for no consideration) has been converted into the right to receive $4.72 per share in cash, without interest and net of any applicable withholding taxes. As a result of the Merger, SORL became a wholly owned subsidiary of Ruili, and the shares of the company common stock no longer trade on the NASDAQ Global Market (“NASDAQ”).
SORL Auto Parts Agrees to Merger
Stockholders of record as of the effective time of the merger who are entitled to the merger consideration will receive a letter of transmittal and instructions on how to surrender their share certificates in exchange for the merger consideration. Stockholders should wait to receive the letter of transmittal before surrendering their share certificates.
About SORL Auto Parts, Inc.
As a global tier-one supplier of brake and control systems to the commercial vehicle industry, SORL Auto Parts, Inc. is the market leader for commercial vehicles brake systems, such as trucks and buses in China. The Company distributes products both within China and internationally under the SORL trademark. SORL is listed among the top 100 auto component suppliers in China, with a product range that includes 65 categories with over 2000 specifications in brake systems and others. The Company has four authorized international sales centers in UAE, India, the United States and Europe. SORL is working to establish a broader global sales network.
The entire announcement can be viewed by clicking HERE.