TD Holdings enters LOI to acquire Shenzhen Tongdow Internet Technology

Nov. 24, 2021 8:47 AM ETTD Holdings, Inc. (GLG)By: Pranav Ghumatkar, SA News Editor
  • TD Holdings (NASDAQ:GLG) has entered into a non-binding LOI with Shenzhen Tongdow Internet Technology, a China's leading integrated service provider for an online to offline e-commerce commodities trading platform.
  • The Co. has agreed to acquire between 30% to 65% of the equity interests of STIT in exchange for a certain amount of cash to be determined based on the Co.'s further due diligence and the parties' negotiation.
  • Both parties agree that equity value of STIT is estimated to be between $145M and $180M.
  • "We expect that the gross merchandise volume of commodity trading transactions on our platform will continue to grow, and increase our bargaining power of commodities pricing in the international market." said Ms. Renmei Ouyang, CEO.
  • Management expects the acquisition be completed no later than June 30, 2022.
  • GLG -3.69% premarket to $0.52.

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