Hanwha Q Cells completed »Going-Private Transaction« and ceases to exist
Post date: 17/01/2019 - 20:28
Korean module manufacturer Hanwha Q Cells Co. announced the completion of its merger with and into Hanwha Solar Holdings Co., Ltd., a wholly-owned subsidiary of Hanwha Chemical Corporation incorporated in the Republic of Korea, pursuant to the plan of merger executed on October 15, 2018 by and between Hanwha Solar and the company. As a result, the company will cease to exist, and Hanwha Solar will continue as the surviving company as a wholly-owned subsidiary of Hanwha Chemical.
Under the terms of the Plan of Merger, each ordinary share issued and outstanding immediately prior to the effective date of the merger has been cancelled in exchange for the right to receive $0.198 without interest, and because each ADS represents 50 ordinary shares, each outstanding ADS represents the right to receive $9.90 without interest (less $0.05 per ADS cancellation fees and a depositary service fee (DSF) of $0.02 per ADS, net of any applicable withholding taxes, except for ordinary shares owned by Hanwha Solar, which have been cancelled and cease to exist without payment of any consideration or distribution in respect thereof.
The company has requested that trading of its ADSs on the Nasdaq Stock Market be suspended as soon as practicable.