Bowen Acquisition Corp announced a merger agreement with Shenzhen Qianzhi BioTechnology, which is engaged in development, manufacturing and sales of ozonated health and wellness products in China.
The target's shareholders will receive 7,246,377 Bowen shares, which closed Jan. 18 at $10.36. That would equate to a purchase price of just over $75 million.
Shareholders in the combined company would have the right to receive up to an additional 1.4 million shares upon the achievement of certain earnout targets.
Bowen raised raised $69 million in an ipo last July.
Source: Bowen Acquisition Merging with Shenzhen Qianzhi BioTech in M Deal