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Token Cat Limited (NASDAQ:TC), a business services company based in Beijing with a market capitalization of $211.29 billion, announced Wednesday that it has entered into a share purchase agreement to sell its entire equity interest in a group of subsidiaries for a nominal cash consideration of $1. The agreement was signed on September 10 with Prime Management Group Limited, a company incorporated in the British Virgin Islands. The company’s stock is currently trading at $29.54, near its 52-week high of $29.79.
According to a statement released in a filing with the U.S. Securities and Exchange Commission, Token Cat will transfer 100% of the shares of several subsidiaries, including Long Ye International Limited, Long Ye Information Technology Limited, Beijing Sangu Maolu Information Technology Co., Ltd., TuanChe Information Limited, TuanYuan Internet Technology (Beijing) Co., Ltd., TuanChe Group Inc., Tuanche Information Group Limited, and Chema Technology (Beijing) Co., Ltd., collectively referred to as the “Targets.”
Upon completion of the transaction, Prime Management Group Limited will become the sole shareholder of the Targets and will assume all assets and liabilities associated with these entities and their subsidiaries.
The closing of the sale is subject to several conditions, including payment of the $1 consideration, receipt of a fairness opinion from an independent firm, and approval by Token Cat’s shareholders. The company has attached the share purchase agreement as an appendix to its filing.
Token Cat Limited was formerly known as TuanChe Ltd and is listed on the NASDAQ exchange under the ticker TC. The company’s announcement was made in a press release statement included in its SEC Form 6-K filing.
No additional financial or operational details regarding the subsidiaries or the rationale for the sale were disclosed in the filing. The company has generated revenue of $123.98 billion in the last twelve months, with a year-to-date stock price return of 33.14%. For deeper insights into Token Cat’s financial health and future prospects, including exclusive analysis and additional metrics, check out the comprehensive Pro Research Report available on InvestingPro.
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