Benzinga | Mar 31, 2021 08:24AM EDT

Fuwei Films Announces Securities Purchase Agreement With Enesoon New Energy Limited; Agreement Will Result In Issuance Of 111,111,111 New Ordinary Shares

Fuwei Films (Holdings) Co., Ltd. (NASDAQ:FFHL) ("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET plastic films in China, today announced that the Company has entered into a Securities Purchase Agreement (the "Purchase Agreement") with Enesoon New Energy Limited ("Enesoon"), a British Virgin Islands company directly and indirectly holding subsidiaries in China primarily engaged in green thermal energy storage businesses, and Enesoon's shareholders. The Purchase Agreement will result in the issuance by the Company of 111,111,111 new ordinary shares ("Consideration Shares") in exchange for all outstanding shares of Enesoon. As a result of this transaction, the former shareholders of Enesoon will beneficially own in the aggregate approximately 97.1% of the Company's outstanding shares.