Sharing Economy International Enters into Sale and Purchase Agreement to Acquire 60% of Gagfare Limited, Provides 'Book Now, Pay Later' Flight Booking
SHARING ECONOMY INTL INC (SEII)
US:NASDAQ Investor Relations:
prnewswire.com/news-releases/sharing-economy-internationals-chairman-issues-open-letter-to-shareholders-300596864.html
Company Research
Source: PR Newswire
HONG KONG, Aug. 20, 2018 /PRNewswire/ -- Sharing Economy International, Inc. ("SEII" or "the Company") (NASDAQ: SEII) today announced that its wholly-owned subsidiary, Sharing Economy Investment Limited ("SEIL"), has entered into a sale and purchase agreement with the shareholder of Gagfare Limited ("Gagfare"), to acquire 60% ownership of Gagfare. SEIL will acquire 60% of Gagfare for consideration of US$3.6 million, which shall be satisfied by the allotment and issuance of 1,176,087 preferred shares of the Company at a price of $3.061 per share.Launched in the third quarter of 2017, Gagfare is an online platform enabling travelers to search flights directly with over 500 airlines globally, allowing them to get the best-value airfare for their desired flight, and secure a confirmed booking instantly. Its unique book-now-pay-later solution allows travelers to pay only US$2 to secure up to nine seats, well in advance, in one booking. Travelers are not required to pay the remaining fare
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