Brief: SSLJ.com Announces Resignation Of CEO Warren Wang And Appointment Of His Replacement Xinyu Yang

SSLJ.Com

07/03/2019 01:12

March 6 (Reuters) - SSLJ.com Ltd  SSLJ.O :
    * SSLJ.COM LIMITED ANNOUNCES CHANGES TO BOARD COMPOSITION,
APPOINTMENT OF NEW CEO, AND ENTRY INTO CERTAIN MATERIAL
AGREEMENTS
    * <- ANNOUNCED RESIGNATION OF ITS CHAIRMAN AND CEO, MR.
WARREN
WANG, AND APPOINTMENT OF HIS REPLACEMENT, MR. XINYU YANG
    * ALSO ANNOUNCED ENTRY BY CO AND CERTAIN PARTIES INTO A
NON-BINDING LETTER OF INTENT TO ACQUIRE CONTROLLING RIGHTS IN
YUNGU
    * WILL ACQUIRE CONTROLLING RIGHTS IN YUNGU IN EXCHANGE FOR
ISSUANCE OF NEW CLASS A ORDINARY SHARES OF CO
    * TRANSACTION WOULD RESULT IN CO DISPOSING OF ITS CURRENT
BUSINESS
AND ACQUIRING BUSINESS OF YUNGU
    * WILL ALSO PAY CASH CONSIDERATION OF UP TO $1.1 MILLION TO
ACQUIRE CONTROLLING RIGHTS IN YUNGU
    * SSLJ.COM- CO'S CURRENT ASSETS, LIABILITIES, DEBTS WILL BE
TRANSFERRED & SOLD TO THIRD PARTY TO BE DESIGNATED BY MR. ZHENG
FOR $200,000 IN CONSIDERATION
    * SSLJ.COM - PURSUANT TO SUCH LOI, MR. ZHENG HAS GRANTED AN
IRREVOCABLE VOTING PROXY APPOINTING MR. YANG AS SOLE VOTING
PROXY OF ZHENG'S SHARES IN CO
    * ALSO CONTEMPLATED THAT, IN CONNECTION WITH YUNGU
TRANSACTION,
COMPANY WILL UNDERTAKE A REVERSE STOCK SPLIT AT A RATIO TO BE
DETERMINED

Source text for Eikon:  ID:nGNX9L2Fn 
Further company coverage:  SSLJ.O 

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