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On July 13, 2021, Newater Technology, Inc. (NASDAQ: NEWA) announced the completion of its merger with Crouching Tiger Holding Limited and Green Forest Holding Limited, with shareholders approving the merger on July 12. Under the agreement, each outstanding share of NEWA will be canceled and converted to $3.65 per share. The company has also requested a suspension of trading on Nasdaq and intends to deregister its shares, effectively ceasing its reporting obligations with the SEC.
Newater Technology, Inc. (NASDAQ: NEWA) has announced that shareholders voted in favor of a merger agreement originally made on September 29, 2020, with Crouching Tiger Holding Limited. Approximately 80.73% of shareholders participated, with 63.84% approving the merger. Upon completion, Newater will become a wholly owned subsidiary and will be delisted from stock exchanges. The company specializes in membrane filtration products for wastewater treatment and has been operational since 2012 in Yantai, China.
Newater Technology, Inc. (NASDAQ: NEWA) announced that the Eastern Caribbean Supreme Court in the British Virgin Islands discharged an injunction against the company regarding a proposed "going private" merger transaction. The injunction, obtained by Fulcan Capital Partners on March 16, 2021, was lifted on June 17, 2021, after the court found that Fulcan misled the court during its ex parte request. CEO Yuebiao Li expressed relief at having the lawsuit resolved, stating it diverted unnecessary resources.
Newater Technology, Inc. (NASDAQ: NEWA) reported impressive financial results for the year ended December 31, 2020. Revenues surged by 36% to $51.16 million, driven by increased demand and project sales. Despite a 43% rise in cost of revenues to $30.99 million, gross profit grew by 27% to $20.2 million, with a gross profit margin of 39%. Net income improved by 29% to $5.6 million, achieving an 11% net profit margin. Basic earnings per share rose to $0.51. The company aims to expand its wastewater treatment capabilities and pursue larger projects in 2021.
Newater Technology, Inc. (NASDAQ: NEWA) announced the filing of a Notice of Application and Certificate of Urgency with the Eastern Caribbean Supreme Court in response to a lawsuit from Fulcan Capital Partners LLC. Fulcan obtained an ex parte order that restricts the Company and its board from proceeding with a planned going private merger. Newater argues the lawsuit is meritless and intends to defend its position vigorously. Furthermore, Fulcan submitted a renewed proposal to take the Company private, which Newater's Independent Committee finds lacking in legality and feasibility.
Newater Technology, Inc. (NASDAQ: NEWA) announced the postponement of its extraordinary general meeting originally scheduled for March 19, 2021, due to a legal claim from Fulcan Capital Partners LLC. The Eastern Caribbean Supreme Court ordered the meeting postponed until at least 20 days after a final determination of Fulcan's claim. The Company believes the lawsuit is meritless and plans to defend itself vigorously. Founded in 2012, Newater specializes in membrane filtration for wastewater treatment and recycling.
Newater Technology, Inc. (NASDAQ: NEWA) announced that its Independent Committee rejected an unsolicited acquisition proposal from Fulcan Capital Partners LLC, which offered US$4.90 per share for the company's outstanding shares. The Independent Committee concluded that the proposal was not superior and posed risks to the company's business prospects. They emphasized that pursuing Fulcan's offer could compromise the interests of both the company and its shareholders. The board supports the existing Merger Agreement with Crouching Tiger Holding Limited and Green Forest Holding Limited.
Newater Technology, Inc. (NASDAQ: NEWA) has announced an extraordinary general meeting of shareholders (EGM) scheduled for March 19, 2021. The main agenda is to approve a merger agreement with Crouching Tiger Holding Limited, which would result in NEWA becoming a privately held company. If approved, the company's shares will no longer be traded on NASDAQ. This proposal has been unanimously recommended by the Board of Directors, which includes independent committee recommendations. Shareholders as of February 10, 2021, are eligible to vote.
Newater Technology, Inc. (NASDAQ: NEWA) announced its unaudited financial results for the half-year ended June 30, 2020. Revenues surged by 16.80% to $10.19 million, up from $8.73 million, driven by increased project sales. Gross profit rose 28.18% to $5.41 million, with a gross margin of 53.11%. Operating income shifted to a profit of $0.88 million compared to a loss of $1.23 million the previous year. Net income was $0.65 million versus a net loss of $0.98 million in 2019. The company also reported a decrease in operating expenses by 16.79%.
Newater Technology, Inc. (NASDAQ: NEWA) announced updates regarding its "going private" merger with Crouching Tiger Holding Limited. The merger will see the Parent acquire NEWA for US$3.65 per common share. Initial Subscribers have committed $742,856 for share subscriptions, while Yancoal International plans to invest $17,753,783. Additionally, the Initial Subscribers will increase their subscription from 203,522 to 744,950 shares for $2,719,068. The independent committee has approved this revised funding arrangement for the merger consideration.
