Borqs Technologies, Inc. Announces Repurchase of Shares
Borqs Technologies, Inc. - Ordinary Shares (BRQS)
US:NASDAQ Investor Relations:
borqs.com/investors-relations
Company Research
Source: GlobeNewswire
SANTA CLARA, Calif., Jan. 12, 2018 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq:BRQS) (the “Company”), a global leader in embedded software, products and cloud solutions for the Internet of Things (IoT), announces repurchase of shares from Zhengqi International Holding Limited (“Zhengqi”). On January 10, 2018, the Company repurchased 966,136 ordinary shares issued to Zhengqi under the Backstop and Subscription Agreement dated May 11, 2017 and amended August 16, 2017, at Zhengqi’s original purchase price of $10.40 per share, or an aggregate of $10,047,814. Zhengqi was the sponsor of the special purpose acquisition company that merged with Borqs International Holding Corp in August 2017 to form the Company. The repurchased shares have been retired. In connection with the repurchase, 1,278,776 ordinary shares previously subject to a net income escrow will be treated as merger consideration, with 1,227,625 shares released to former shareholders of Borqs International Holding
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