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LightInTheBok Holding Co., Ltd. (NISE: LITB) ("LightInTheBok" or "Company"), a global online retailer that produces products directly to consumers around the world, today announced the execution of a 100% stake in Ebbui Holding Co., Ltd., a strategic purchase agreement. ("Ezbui"), the leading platform for cross-border e-commerce in Singapore.
Under the terms of the purchase agreement and as part of the intended long-term, strategic transaction to create greater synergy with the company's existing business, LightInTheBok agreed to buy 100% equity stake in Ezbuy for $ 85.55 million in the form of a non-interest bearing convertible bill of one year that automatically converts in the total amount of 22,220,779 US Depositary Shares (ADS) if the ADS price of the company is $ 3.85 for three consecutive trading days during the duration of the note. The Company may be obliged to issue additional 22,220,779 ADS, in combination of cash and securities, at the end of a one-year period, if the price is not reached. Both companies will work together to increase business synergies created to take advantage of opportunities to expand their business.
Ezbui, founded in Singapore in 2010, has become one of the leading platforms for e-commerce in Southeast Asia. Ezbui allows its buyers more than 3 million in Singapore, Malaysia, Indonesia, Thailand and Pakistan to buy high quality products from mainland China, Taiwan, USA, South Korea, Malaysia and Singapore.
The closing of the transaction is expected to occur in the near future and is subject to normal closing conditions, including, without limitation, the approval of NISE for the listing of ADS issued in connection with the transaction, the appointment of two new directors, the Board of Directors of the Company and the engagement of a new executive the director who should appoint the Board of Directors of the Company.
Mr. Zhiping Ki, Chief Executive Officer of LightInTheBok, commented: "After a long conversation with an experienced management team of Ezbui, I am pleased to finally finalize the final documentation for this acquisition and start closely with them to jointly realize the main strategic business synergies. is part of our major plan to build our B2C cross-border e-commerce that is globally enhanced by increasing customer experience and improving supply chain capability and capability capabilities. Ezbui made a fantastic a job in building a gifted team, a recognizable brand and a solid supply chain management that strengthens and directly complements our market development strategy. The integration of our supply chain, storage and logistics chain in China will create tremendous business synergies that will truly unlock the value of the Ezbui market and will help to build a solid platform for sustainable long-term growth ".