Hollysys Auto - HOLI STOCK NEWS

Hollysys Automation Technologies (NASDAQ: HOLI) has announced the expected completion of its merger with a buyer controlled by Ascendent Capital Partners. The transaction is anticipated to close as soon as July 25, 2024. All necessary approvals have been obtained, and the parties expect to satisfy or waive all closing conditions by this date. Hollysys has notified Nasdaq of its intention to delist its shares from the NASDAQ Global Select Market on or shortly after the closing date.

Hollysys Automation Technologies (NASDAQ: HOLI) announced the completion of regulatory reviews by Ascendent Capital Partners for their upcoming merger. Ascendent has secured all necessary PRC approvals. The transaction will proceed once all closing conditions are met, including maintaining a specified net cash amount and ensuring certain cash deposits. Hollysys currently foresees no issues in meeting these conditions. Additionally, the merger is contingent upon less than 10% shareholder dissent. Upon completion, Hollysys shares will be delisted from NASDAQ. The parties aim for a swift transaction closure.

Hollysys Automation Technologies (NASDAQ: HOLI) announced the appointment of Vocation HK CPA as its new independent registered public accounting firm, effective May 28, 2024. This decision follows the resignation of Union Power HK CPA due to the health condition of their managing partner, effective April 12, 2024. Both Hollysys' board and audit committee have approved Vocation's appointment.

The company also provided an update on its merger agreement with Ascendent Capital Partners (ACP), reaffirming their commitment to closing the transaction and progressing towards meeting the required conditions.

Hollysys Automation Technologies (NASDAQ: HOLI) announced that its CEO, Dr. Changli Wang, has sold a portion of his shares for personal financial planning.

Dr. Wang retains approximately 80% of his pre-sale holdings and has no plans for additional sales before the closing of a going-private transaction with Ascendent Capital Partners (ACP).

Management, including Dr. Wang, remains committed to meeting the closing conditions of the merger agreement with ACP.

Hollysys Automation Technologies reported its financial results for the third quarter and the first nine months ended March 31, 2024. The company saw a slight increase in total revenues to $597.1 million for the first nine months, but gross margins declined from 33.4% to 31.0%. Net income dropped by 38.8% to $49.7 million, with diluted earnings per share decreasing by 38.9% to $0.80. For the third quarter, revenues increased 3.5% to $173.5 million, but net income fell by 66.2% to $3.9 million, with EPS down 68.4% to $0.06. Hollysys achieved $240.4 million in new contracts and had a backlog of $992.2 million. The company faced increased operating expenses, notably a 91% rise in general and administrative costs. Cash flow from operations was negative, with net cash used in operating activities at $37.4 million. Despite these challenges, Hollysys received recognition for its technological advancements and secured several significant projects in various sectors.

Hollysys Automation Technologies Reports Mixed Financial Results for First Half of Fiscal Year 2024

Ascendent Capital Partners has received overwhelming support from Hollysys Automation Technologies Ltd. shareholders for the acquisition proposal, with approximately 86.94% of shareholders approving the resolution. The acquisition will be for US$26.50 per share in cash. The company is committed to securing regulatory approvals and closing the acquisition expeditiously.

Hollysys Automation Technologies Ltd. announces shareholder approval of a plan of merger with Ascendent Capital Partners, Superior Technologies Holding Limited, and Superior Technologies Mergersub Limited. The Merger Agreement was approved by approximately 86.94% of the Company's total issued and outstanding ordinary shares. The completion of the Merger is subject to certain conditions, including regulatory approvals, and would result in the Company becoming a privately held company.

Buyer Consortium led by Dazheng Group Acquisition Limited reaffirms its commitment to acquire Hollysys Automation Technologies Ltd (HOLI) at US$29.50 per share, offering a significantly greater value proposition for shareholders with an 11.3% premium to the Ascendant Capital offer. The Consortium's offer has enhanced closing certainty relative to the Ascendant offer, backed by financing above industry standards, and requiring less regulatory approvals. The Consortium urges shareholders to vote AGAINST the proposed Ascendant transaction at the upcoming Extraordinary General Meeting on February 8, 2024, emphasizing that negotiations with the Special Committee recognize their proposal as superior or reasonably likely to be superior.