Urban Tea, Inc. Enters into a Non-Binding Letter of Intent to Acquire Hunan 39 PU Tea Co., Ltd.
Urban Tea, Inc. - Ordinary Shares (MYT)
Company Research
Source: PR Newswire
CHANGSHA, China, Aug. 13, 2019 /PRNewswire/ -- Urban Tea, Inc. (NASDAQ: MYT) (the "Company" or the "Buyer"), a premier retailer of specialty teas and baked goods based in Hunan, China, is pleased to announce that the Company, along with its wholly owned subsidiary Ming Yun Tang (Shanghai) Tea Co., Ltd. ("WOFE") has entered into a non-binding Letter of Intent ("LOI") with Hunan 39 PU Tea Co., Ltd. ("39 PU Tea") and equity holders of 39 PU Tea to acquire 39 PU Tea. 39 PU Tea is a high-end tea enterprise integrating tea distribution, product research and development, and tea cultural heritage projects based in Hunan, China.Pursuant to the terms of the LOI, in consideration of 39 PU Tea equity holders' agreement to enter into VIE Agreements with WOFE, the Company will pay 39 PU Tea equity holders consideration consisting of 70% paid in ordinary shares, no par value, of the Company, and 30% paid in cash. The payment of the acquisition consideration will be subject to 39 Pu's achievement of
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