Tuesday, January 04, 2022 7:32:02 PM
8:02 am ET January 4, 2022 (Benzinga)
BEIJING, Jan. 4, 2022 /PRNewswire/ -- ReTo Eco-Solutions, Inc. (NASDAQ:RETO) ("ReTo" or the "Company"), a provider of technology solutions for the improvement of ecological environments, today announced that, its subsidiary, ReTo Technology Development Co., Ltd., entered into an Equity Acquisition Agreement (the "Agreement") with Hainan REIT Mingde Investment Holding Co., Ltd. ("REIT Mingde") and its two individual shareholders (collectively, the "Sellers"), among others, on December 27, 2021, to acquire 100% of the equity interest in REIT Mingde, which owns 61.55% of the equity interest of Yile IoT Technology Co., Ltd. ("Yile IoT").
Yile IoT is a national high-tech enterprise in China that focuses on the research, development and application of Internet of Things (IoT) technologies. Yile IoT and its subsidiaries have developed advanced cloud based IoT solutions and products that primarily service automobile rental, ride sharing, and logistics sectors in China. Pursuant to the Agreement, ReTo will acquire 100% of the equity interest in REIT Mingde for a total consideration of RMB 10 million in cash or cash equivalents which will be paid to the Sellers within 30 days upon signing of the Agreement. The closing of the transaction is subject to satisfactory due diligence, board approval, completion of shareholder change registration with relevant State Administration of Market Regulation and other customary closing conditions. On December 28, 2021, the registration of ReTo Technology Development Co., Ltd. as the shareholder of REIT Mingde was completed.
Mr. Hengfang Li, Chairman and Chief Executive Officer of ReTo, commented: "We are excited about the acquisition of REIT Mingde as we believe this transaction will enable us to integrate Yile IoT's technologies into ReTo and accelerate the upgrade and growth of ReTo's business. With the support of IoT technologies, ReTo strives to become a technology driven provider of services for ecological and environmental protection industries, and increase value for our shareholders."
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
I am only expressing my personal opinions or repeating public information from SEC filings or media outlets-which may or may not be correct. Do your own investigating before investing!
Recent RETO News
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/30/2024 09:10:48 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/14/2024 08:30:21 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/08/2024 08:30:48 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/20/2024 01:25:02 PM
- ReTo Eco-Solutions, Inc. to Hold Its Annual Meeting of Shareholders at Its Headquarters on August 5, 2024 Beijing Time • PR Newswire (US) • 06/19/2024 08:30:00 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 06/11/2024 08:31:12 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/22/2024 09:13:14 PM
- ReTo Announces Filing of Annual Report on Form 20-F • PR Newswire (US) • 05/16/2024 12:00:00 AM
- Form 20-F - Annual and transition report of foreign private issuers [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/15/2024 09:21:17 PM
- Form 6-K/A - Report of foreign issuer [Rules 13a-16 and 15d-16]: [Amend] • Edgar (US Regulatory) • 05/15/2024 08:54:41 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/15/2024 08:53:44 PM
- ReTo Regained Compliance with Nasdaq's Minimum Bid Price Requirement and Received Extension on Compliance with Nasdaq's Minimum Stockholders' Equity Rule • PR Newswire (US) • 03/20/2024 08:30:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/27/2024 10:10:38 PM
- ReTo Eco-Solutions, Inc. Announces Share Combination • PR Newswire (US) • 02/27/2024 09:30:00 PM
- ReTo Presents at Big 5 Construct Saudi 2024 • PR Newswire (US) • 02/27/2024 06:00:00 AM
- ReTo Receives Nasdaq Notification Regarding Minimum Stockholders' Equity Deficiency • PR Newswire (US) • 01/06/2024 01:00:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/27/2023 10:00:06 PM
- ReTo Eco-Solutions, Inc. Announces First Half 2023 Financial Results • PR Newswire (US) • 12/27/2023 09:30:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/20/2023 11:02:43 AM
- ReTo Eco-Solutions Resumed Its Participation in the BIG 5 Global Exhibition • PR Newswire (US) • 12/05/2023 01:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/16/2023 02:54:35 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 10/18/2023 12:30:04 PM
- ReTo Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency • PR Newswire (US) • 10/18/2023 12:00:00 PM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 10/13/2023 12:30:22 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM