On July 18th, Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL) ("Fuwei Films" or the "Company") announced that it has entered into an agreement and plan of merger with Baijiayun Limited, a SaaS/PaaS solution provider.
According to Fuwei Films, Baijiayun will merge with a wholly-owned subsidiary of the Company, with Baijiayun being the surviving entity, and the issued and outstanding share capital of Baijiayun will be canceled in exchange for newly issued shares of the Company on the terms and conditions set forth therein in a transaction exempt from the registration requirements under the Securities Act of 1933 (the "Transaction"). Upon consummation of the Transaction, Baijiayun will become a wholly-owned subsidiary of the Company.
Moreover, the existing Baijiayun shareholders and existing Fuwei shareholders will own approximately 96.79% and 3.21%, respectively, of the outstanding shares of the combined company. The companies expect to complete the transaction in the fourth quarter of 2022.
Founded in 2017, Baijiayun provides one-stop video and audio technology solutions based on cloud computing, using leading audio and video technologies to help enterprises expand and innovate, and offer education, finance, medical, government, and corporate broadcasting.
In July 2021, Baijiayun completed a series C funding round of hundreds of millions of yuan and its valuation reached 3 billion yuan.
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