Shineco, Inc. completed the acquisition of 71.42% stake in Dream Partner Limited for $17.3 million.
September 18, 2023
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Shineco, Inc. (NasdaqCM:SISI) entered into a non-binding framework agreement to acquire 80% stake in Dream Partner Limited for $40 million on January 13, 2023. According to the LOI, the total purchase price of the acquisition is estimated to be approximately $40 million which is expected to consist of cash and Shineco's common stock. The LOI represents terms for a proposed transaction and will be subject to legal and financial due diligence, which includes a third-party audit and evaluation, Shineco?s shareholder?s approval and definitive documentation. Shineco Life Science Group Hong Kong Co., Limited entered into a stock purchase agreement.to acquire 71.42% stake in Dream Partner Limited on May 29, 2023. As the consideration for the acquisition, Shineco paid the Sellers an aggregate cash consideration of $2 million, issued certain shareholders issued certain shareholders, an aggregate of 10 million shares of Shineco?s restricted Common Stock, and transferred and sold to the sellers 100% of Shineco?s equity interest in Beijing Tenet-Jove Technological Development Co., Ltd. The acquisition was approved by Shineco's shareholders at the special meeting of stockholders held on July 20, 2023.
Shineco Life Science Group Hong Kong Co., Limited completed the acquisition of 71.42% stake in Dream Partner Limited for $17.3 million on September 19, 2023.
Shineco Inc is a holding company. The Company provides health and well-being focused plant-based products by using its subsidiaries' and variable interest entities' vertically and horizontally integrated production, distribution and sales channels. The Company operates through three segments. Developing, producing and distributing innovative rapid diagnostic products and related medical devices for the most common diseases (Rapid Diagnostic and Other Products) :This segment is conducted through Biowin, which specializes in the development, production and distribution of innovative rapid diagnostic products and related medical devices for the most common diseases; Producing, processing and distribution of agricultural products, such as silk and silk fabrics as well as fresh fruit s (Other agricultural products): This segment is conducted through Wintus, which specializes in producing, processing and distribution of agricultural products, such as silk and silk fabrics as well as tra