Ossen Innovation Announces Formation of Independent Special Committee to Consider "Going Private" Proposal
Ossen Innovation Co., Ltd. - American Depositary Shares (OSN)
US:NASDAQ Investor Relations:
ir.osseninnovation.com
Company Research
Source: PR Newswire
SHANGHAI, Sept. 22, 2020 /PRNewswire/ -- Ossen Innovation Co., Ltd. (the "Company") (Nasdaq: OSN), a China-based manufacturer of an array of plain surface, rare earth and zinc coated pre-stressed steel materials, today announced that its Board of Directors (the "Board") has formed a special committee consisting of two independent, disinterested directors (the "Independent Committee"), Mr. Junhong Li and Mr. Zhongcai Wu, to consider the previously announced preliminary non-binding proposal letter (the "Going-Private Proposal") that the Board received on September 15, 2020. Mr. Junhong Li will serve as chairman of the Independent Committee. The Independent Committee has retained DLA Piper as its international legal counsel, and intends to retain an independent financial advisor in due course, to assist it in this process.The Board cautions the Company's shareholders and others considering trading the Company's securities that the Board has just received the Going-Private Proposal and
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