BEIJING, July 28, 2021 /PRNewswire/ -- Fuwei Films
(Holdings) Co., Ltd. (Nasdaq: FFHL) ("Fuwei Films" or the
"Company"), a manufacturer and distributor of high-quality BOPET
plastic films in China, today
announced that the Company will hold an Extraordinary General
Meeting of Shareholders (the "EGM") on August 26, 2021 at 10:00
a.m. (Beijing Time), at Fuwei Films (Shandong) Co., Ltd., No. 387 Dongming Road,
Weifang, Shandong, China, for the purpose of considering and, if
thought fit, passing and approving the following matters:
- the issuance of an aggregate of 111,111,111 ordinary
shares of par value of US$0.519008
each of the Company (the "Consideration Shares") to the
persons (the "Sellers") whose names are listed in column II
of Schedule A to the securities purchase agreement dated
31 March 2021 (as amended) made
between the Company, Enesoon New Energy Limited (a company
incorporated under the laws of the British Virgin Islands) ("Enesoon"),
the Sellers, and 爱能森新能源(深圳)
有限公司 as a key subsidiary of Enesoon, in exchange for
all issued shares of Enesoon; and
- the increase in the authorised share capital of the Company
from US$2,595,040 divided into
5,000,000 ordinary shares of US$0.519008 each to US$70,066,080 divided into 135,000,000 ordinary
shares of US$0.519008 each in order
to cater for the issuance of the Consideration Shares.
Please refer to the notice of the EGM for the full text of the
resolutions.
Holders of record of ordinary shares of the Company at the close
of business on July 27, 2021 are
entitled to receive notice of and attend the EGM or any adjournment
or postponement thereof. Holders of record as of August 25, 2021 are welcome to attend the EGM in
person. The notice of the EGM and other documents are available on
the "Investor Relations" section of the Company's website at
fuweiholdings.com/cn/down.aspx.
Copies of the Notice of the EGM and other documents filed by the
Company will be available at the website maintained by the
Securities and Exchange Commission (the "SEC") at www.sec.gov.
Copies of such filings can also be obtained, without charge, by
directing a request to Fuwei Films (Holdings) Co., Ltd., No. 387
Dongming Road, Weifang Shandong, China 261061.
About Fuwei Films
Fuwei Films conducts its business through its wholly owned
subsidiary, Fuwei Films (Shandong)
Co., Ltd. ("Fuwei Shandong"). Fuwei Shandong develops, manufactures
and distributes high-quality plastic films using the biaxial
oriented stretch technique, otherwise known as BOPET film
(biaxially oriented polyethylene terephthalate). Fuwei's BOPET film
is widely used to package food, medicine, cosmetics, tobacco, and
alcohol, as well as in the imaging, electronics, and magnetic
products industries.
Safe Harbor
This press release contains information that constitutes
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and are subject to risks. Risk factors that could contribute to
such differences include those matters more fully disclosed in the
Company's reports filed with the U.S. Securities and Exchange
Commission which, among other things, include the significant
oversupply of BOPET films resulting from the rapid growth of the
Chinese BOPET industry capacity, changes in the international
market and trade barriers, especially the uncertainty of the
antidumping investigation and imposition of an anti-dumping duty on
imports of the BOPET films originating from the People's Republic of China ("China") conducted by certain countries;
uncertainty around coronavirus (COVID-19) outbreak and the effects
of government and other measures seeking to contain its spread,
uncertainty around U.S.-China
trade war and its effect on the Company's operation, fluctuations
of the RMB exchange rate, and our ability to obtain adequate
financing for our planned capital expenditure requirements;
uncertainty as to our ability to continuously develop new BOPET
film products and keep up with changes in BOPET film technology;
risks associated with possible defects and errors in our products;
uncertainty as to our ability to protect and enforce our
intellectual property rights; uncertainty as to our ability to
attract and retain qualified executives and personnel; and
uncertainty in acquiring raw materials on time and on acceptable
terms, particularly in view of the volatility in the prices of
petroleum products in recent years; the effect of the announcement
of the transaction with Enesoon on the ability of the Company to
retain and hire key personnel and maintain relationships with
customers, suppliers and others with whom the Company or Enesoon do
business, or on the Company's or Enesoon's operating results and
business generally; risks that the transaction disrupts current
plans and operations and the potential difficulties in employee
retention as a result of the transaction; the ability of the
parties to consummate the proposed transaction on a timely basis or
at all; the satisfaction of the conditions precedent to
consummation of the proposed transaction, at all or in a timely
manner; and business disruption following the transaction. The
forward-looking information provided herein represents the
Company's estimates as of the date of the press release, and
subsequent events and developments may cause the Company's
estimates to change. The Company specifically disclaims any
obligation to update the forward-looking information in the future.
Therefore, this forward-looking information should not be relied
upon as representing the Company's estimates of its future
financial performance as of any date subsequent to the date of this
press release. Actual results of our operations may differ
materially from information contained in the forward-looking
statements as a result of the risk factors.
View original
content:https://www.prnewswire.com/news-releases/fuwei-films-announcement-to-hold-extraordinary-general-meeting-301343392.html
SOURCE Fuwei Films