China Green Agriculture, Inc. acquired Lonestar Dream Inc. from Zhibiao Pan for $49 million.
March 19, 2024
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China Green Agriculture, Inc. (NYSE:CGA) agreed to acquire Lonestar Dream Inc. from Zhibiao Pan for $49 million on December 27, 2023. The Stock Purchase Agreement calls for total consideration of $49,000,000, of which $2,450,000 is due at the closing, and $44,100,000 is due 90 business days thereafter, subject to satisfaction of certain conditions. The balance of $2,450,000 is due within 20 days after Lonestar?s auditor issues an audited annual consolidated financial statement of Lonestar and its subsidiary, Lonestar Taproot, LLC, a Delaware limited liability company, for fiscal year 2023, prepared in accordance with GAAP and in form and substance reasonably satisfactory to China Green Agriculture.
China Green Agriculture, Inc. (NYSE:CGA) completed the acquisition of Lonestar Dream Inc. from Zhibiao Pan on March 20, 2024. The funding for this acquisition is being disbursed in three installments, subject to customary closing conditions. The shares of Lonestar Dream, owned by Zhibiao Pan, have been transferred and registered under the name of CGA.
China Green Agriculture, Inc. is engaged in the research, development, production and sale of various types of fertilizers and agricultural products in the People's Republic of China (PRC) through its Chinese subsidiaries, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. (Jinong) and Beijing Gufeng Chemical Products Co., Ltd. (Gufeng), and its variable interest entity (VIE), Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. (Yuxing). The Company's segments include Jinong (fertilizer production), Gufeng (fertilizer production) and Yuxing (agricultural products production). The Company's primary business is of fertilizer products, specifically humic acid-based compound fertilizer produced through Jinong, and compound fertilizer, blended fertilizer, organic compound fertilizer, slow-release fertilizers, water-soluble fertilizers and mixed organic-inorganic compound fertilizer produced through Gufeng.