Pintec Technology Holdings Limited [NASDAQ: PT] revealed Monday that it has acquired the Shenzhen Jishengtai Technology Co. Ltd (JST). Both the firms have inked the acquisition agreement after that PT has acquired all the equity interest of JST.
Pintec disclosed that the buying of JST and RB will speed up the plan of PINTEC in changing its business by expanding its wealth management services. PINTEC has always been a data and technology propelled firm. Since its inception, its main focus is on serving business and financial partners. The mission of the firm corresponds with the success factors at JCT/RB as they service business customers via their patented online securities trading implementation.
Financial Detail of the Acquisition
PINTEC has confirmed that it has decided to grant certain Consideration Shares to the original shareholders of JST. This grant is the payment for the sale of JST’s equity interest. Furthermore, The Consideration Shares will include a fixed base of 38,098,200 shares. It also includes an extra 45,098,200 shares, which depends on downward correction based on specific performance target on RB.
Moreover, The Consideration Shares will be granted as an exception from the obligation to register under Section 5 of the Securities Act of 1933. The deal is dependent on the execution of the required business and other authorizations and traditional closing circumstances.