Benzinga | Jul 15, 2021 04:32PM EDT

Planet Green Holdings Corp Shares Enters Share Exchange Agreement With Anhui Ansheng Petrochemical Equipment Co; Co. To Acquire 66% Of Outstanding Equity Interest Of Anhui Ansheng, Will Issue 4.8M Shares To Sellers In Exchange For Transfer Of Equity

anet Green Holdings Corp. (the "Company") (NYSE:PLAG) announced that the Company has entered into a Share Exchange Agreement with Anhui Ansheng Petrochemical Equipment Co., Ltd. ("Target") and each shareholder of the Target (collectively "Sellers") today. Pursuant to the Share Exchange Agreement, the Company will acquire 66% of outstanding equity interests of the Target, a company that researches, develops and manufactures insulation type explosion-proof skid-mounted refueling equipment, LNG cryogenic equipment and SF double deck oil storage tank and sells such products in China.

Pursuant to the Share Exchange Agreement, the company will issue 4,800,000 shares of common stock of the Company to the Sellers in exchange for the transfer of 66% of the equity interest of the Target. The transaction is subject to closing conditions that are customary for transactions of this type.