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Ossen Innovation, a manufacturer of pre-stressed steel materials, announced the completion of its merger with New Ossen Group Limited on September 9, 2021. Approximately 75.9% of shareholders voted in favor of the merger, with 74.85% approving the Merger Agreement. Shareholders receive $1.70 per ordinary share and $5.10 per ADS, minus a cancellation fee. Following the merger, Ossen requested to suspend trading on Nasdaq and filed for deregistration, effective 90 days post-Form 25 filing. The company aims to suspend reporting obligations under the Securities Exchange Act.
Ossen Innovation Co., Ltd. (Nasdaq: OSN) reported significant growth in its financial results for the six months ending June 30, 2021. Revenues reached $72.3 million, up from $54.8 million in the same period last year, while gross profit increased to $12.9 million from $10.3 million. The rise in sales and profitability was mainly attributed to the enhanced performance of rare earth coated pre-stressed products. The company's manufacturing facilities are located in Ma'anshan, Anhui Province, and Jiujiang, Jiangxi Province.
Ossen Innovation Co., Ltd. (Nasdaq: OSN) announced an extraordinary general meeting (EGM) of shareholders on September 9, 2021, to vote on the merger agreement with New Ossen Group Limited. If approved, the merger would privatize the company, terminating its authorized American Depository Shares (ADS) program. Shareholders will receive $1.70 per share and $5.10 per ADS, minus a cancellation fee. Record shareholders as of August 10, 2021, are eligible to vote. The company urges shareholders to read the proxy statement filed with the SEC for further details.
Ossen Innovation Co., Ltd. (Nasdaq: OSN) has announced an extension of the Termination Date for its merger agreement, originally set for June 17, 2021, to September 17, 2021. This decision follows an Amendment No. 1 to the Agreement and Plan of Merger, made unanimously by the Board's independent committee. The merger involves Ossen, New Ossen Group Limited, and New Ossen Innovation Limited. The company's products are widely used in infrastructure projects, and it operates two manufacturing plants in China.
Ossen Innovation Co., Ltd. (Nasdaq: OSN) reported its financial results for the year ending December 31, 2020. Revenues were $138.6 million, a slight decline of 0.2% from $138.9 million in 2019. Gross profit increased by 5.8% to $23.7 million, lifting gross margin to 17.1%. Operating income rose 3.8% to $16.4 million. Despite challenges posed by the COVID-19 pandemic, the company remains optimistic, citing opportunities in the prestressed material industry due to government investments. Cash and restricted cash were $1.2 million, down from $2.6 million a year earlier.
Ossen Innovation Co., Ltd. (Nasdaq: OSN) announced a change of auditor from BDO China Shu Lun Pan Certified Public Accountants LLP to WWC, P.C. effective April 14, 2021. The decision was approved by the Company's audit committee and board of directors. Notably, BDO's audit reports for the past two fiscal years did not contain any adverse opinions, nor were there disagreements concerning accounting principles. Ossen manufactures pre-stressed steel materials used in infrastructure projects, with facilities in Anhui and Jiangxi provinces, China.
Ossen Innovation Co., Ltd. (Nasdaq: OSN) announces preliminary financial results for 2020, expecting revenues of $139.0 million and gross profits of $23.9 million, a slight increase from $138.9 million and $22.4 million in 2019. The revenue growth is attributed to higher sales of zinc-coated products, despite a drop in rare earth coated products. Gross margins are projected to improve by 113 basis points due to better profitability in zinc-coated products. These figures are subject to final audit.
Ossen Innovation Co., Ltd. (Nasdaq: OSN) has entered into a definitive Merger Agreement with New Ossen Group Limited, which will acquire the Company for US$1.70 per ordinary share or US$5.10 per American Depositary Share (ADS). The merger, expected to close in the first half of 2021, will result in Ossen becoming a wholly-owned subsidiary and will delist from Nasdaq. The Company’s board has unanimously approved this agreement, backed by a commitment of US$12.5 million from Pujiang International Group Limited, who holds 65.9% of voting rights.
Ossen Innovation Co., Ltd. (Nasdaq: OSN) conducted its 2020 annual general meeting on November 23, 2020, in Shanghai. The meeting resulted in the re-election of five board members: Dr. Liang Tang, Mr. Wei Hua, Mr. Junhong Li, Ms. Yingli Pan, and Mr. Zhongcai Wu. Additionally, BDO China Shu Lun Pan Certified Public Accountants LLP was re-appointed as the independent registered accounting firm for the fiscal year ending December 31, 2020. Ossen specializes in manufacturing pre-stressed steel materials for infrastructure projects.
Ossen Innovation Co., Ltd. (Nasdaq: OSN) announces its 2020 annual general meeting of shareholders to be held on November 23, 2020, at 10:00 a.m. Beijing time at its headquarters in Shanghai, China. Proxy materials will be distributed to shareholders on October 30, 2020, and details will be available on the company’s website. Ossen specializes in manufacturing a variety of pre-stressed steel materials for infrastructure projects, including bridges and highways.
