Hedge funds cut NFLX, keep big bets on MSFT, AMZN, add NVDA
Distoken Acquisition Corporation (NASDAQ:DIST) and Youlife International Holdings Inc. completed their previously announced business combination on July 9, 2025, according to a press release statement based on a recent SEC filing.
The transaction was carried out in two steps. On July 8, 2025, a wholly owned subsidiary of Youlife Group Inc. merged with Youlife International Holdings, making Youlife a wholly owned subsidiary of Youlife Group Inc. (referred to as “Pubco”). On July 9, 2025, another subsidiary of Pubco merged with Distoken Acquisition, resulting in Distoken becoming a wholly owned subsidiary of Pubco. As a result of these mergers, outstanding securities of both Youlife and Distoken were converted into the right to receive shares or substantially equivalent securities of Pubco, primarily in the form of American depositary shares (ADSs).
Following the closing, Pubco ADSs began trading on The Nasdaq Capital Market under the ticker symbol “YOUL” on July 10, 2025. Pubco’s warrants are quoted on the Over-the-Counter market.
In connection with the closing, lock-up agreements were executed among Distoken, Pubco, Youlife, the sponsor, and certain shareholders. These agreements restrict the transfer of founder and company shares for periods ranging from 180 days to one year from the closing date, with partial early release possible if the Pubco ADSs trade above $12.50 for a specified period.
As previously disclosed, at an extraordinary general meeting held on May 30, 2025, shareholders holding 601,118 ordinary shares of Distoken elected to redeem their shares at approximately $11.86 per share.
Immediately following the business combination, Pubco had 64,887,792 Class A ordinary shares and 11,160,808 Class B ordinary shares outstanding.
As part of the transaction, Distoken adopted an amended and restated memorandum and articles of association. The board of Distoken also changed, with all prior directors and officers resigning and Yunlei Wang appointed as the sole director.
This report is based on information disclosed in a press release statement and a Form 8-K filing with the Securities and Exchange Commission.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.