Fuwei Films enters into securities purchase agreement with Gold Glory Blockchain
Fuwei Films announced that the company has entered into a Securities Purchase Agreement with Gold Glory Blockchain, a California-headquartered company focused on blockchain technology applications and digital asset services. The Agreement will result in the issuance by the company of 9.5M new ordinary shares in exchange for all outstanding shares of Gold Glory. Fuwei Films concurrently entered into a Share Transfer Agreement with Hong Kong Ruishang International Trade, the current majority owner of FFHL's equity shares. Pursuant to this Agreement, FFHL agrees to sell, assign and deliver all shares of Fuwei Films, a subsidiary directly owned by Fuwei Films plus cash consideration of $3M to Ruishang, in exchange for all 1,728,126 ordinary shares of Fuwei Films owned by Ruishang, representing 52.9% of the total Fuwei Films outstanding shares. This transaction will effectively transfer the existing business of Fuwei Films to Ruishang, after which Fuwei Films will only own the shares of Gold Glory.