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Distoken Acquisition Corporation (Nasdaq: DIST) is a blank check company, incorporated as a Cayman Islands exempted company on July 1, 2020. The primary aim of Distoken is to facilitate mergers, share exchanges, asset acquisitions, share purchases, recapitalizations, reorganizations, or other similar business combinations with one or more businesses or entities.
Recently, Distoken announced a significant milestone by entering into a definitive business combination agreement with Youlife International Holdings Inc. Youlife is a leading blue-collar lifetime service platform in China, providing vocational education services, recruitment services, employee management, and market services under the brand name Youlan.
The proposed business combination will see both Distoken and Youlife merge with newly-formed subsidiaries of Youlife Group Inc. (a Cayman Islands exempted company), which will subsequently serve as the parent company under the ticker symbol YOUL on the Nasdaq Stock Market. This strategic move is expected to bolster Youlife's globalization, platformization, and AI intelligent transformation strategy, ensuring robust capital protection and accelerating expansion in Greater China and international markets.
Distoken's CEO, Mr. Jian Zhang, expressed confidence in Youlife's management team and business model, anticipating a successful closing of the business combination. The completion of this merger is contingent on regulatory approvals and the approval of shareholders from both companies, among other customary conditions.
Through this business combination, Distoken aims to provide strategic and resource support for Youlife's development in the global market, reinforcing Youlife's leading position in the blue-collar talent service field. Youlife aims to utilize this merger to further its growth strategy, becoming the preferred lifelong service platform for blue-collar talent globally.
Additional information about the business combination, including a copy of the Business Combination Agreement, will be available in a Current Report on Form 8-K filed by Distoken with the SEC. This will be followed by a Registration Statement on Form F-4 to be filed by Pubco with the SEC.
Advisors:
- DLA Piper UK LLP, Tian Yuan Law Firm LLP, and Haiwen & Partners are serving as legal counsels to Youlife.
- Ellenoff Grossman & Schole LLP, Jingtian & Gongcheng, and Fangda Partners are serving as legal counsels to Distoken.
Forward-Looking Statements: This press release includes certain forward-looking statements regarding future events and the future results of Distoken, Youlife, and Pubco. These statements are based on the current expectations, estimates, forecasts, and projections about the industry in which Youlife operates. They involve known and unknown risks, uncertainties, assumptions, and other factors that are difficult to predict. Investors are cautioned not to rely on these forward-looking statements.
Distoken Acquisition (NASDAQ: DIST) announced it received a notice from Nasdaq's Listing Qualifications Department for not timely filing its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. The company has until July 29, 2024, to submit a compliance plan. If accepted, Nasdaq may extend the deadline to November 18, 2024. There is no immediate effect on the listing or trading of DIST securities. The company is working to finalize and file the Form 10-Q promptly.
Youlife International Holdings and Distoken Acquisition (Nasdaq: DIST) have announced a definitive business combination agreement. The merger will result in a new entity, Pubco, listed on the Nasdaq under the ticker symbol YOUL. The Business Combination aims to support Youlife's globalization, platformization, and AI intelligent transformation strategy, accelerating its expansion in Greater China and abroad. The completion of the merger is contingent upon regulatory approvals and shareholder agreement. The merger is expected to provide strategic support, enhance Youlife's competitive edge in the blue-collar talent service market, and increase its visibility in the international capital market.
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