Fuwei Films (FFHL) has entered into Securities Purchase Agreement with Enesoon New Energy Limited

March 31, 2021 8:10 AM EDT

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Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL) ("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET plastic films in China, today announced that the Company has entered into a Securities Purchase Agreement (the "Purchase Agreement") with Enesoon New Energy Limited ("Enesoon"), a British Virgin Islands company directly and indirectly holding subsidiaries in China primarily engaged in green thermal energy storage businesses, and Enesoon's shareholders. The Purchase Agreement will result in the issuance by the Company of 111,111,111 new ordinary shares ("Consideration Shares") in exchange for all outstanding shares of Enesoon. As a result of this transaction, the former shareholders of Enesoon will beneficially own in the aggregate approximately 97.1% of the Company's outstanding shares.

The closing of the transactions contemplated under the Purchase Agreement is subject to various closing conditions, including approval of the issuance of Consideration Shares by the shareholders of the Company, receipt of NASDAQ approval, receipt by the Company of a satisfactory fairness opinion or valuation and other customary conditions.

The Company has also terminated the securities purchase agreement previously entered into with Gold Glory Blockchain Inc. ("Gold Glory"), a California-headquartered company focused on blockchain technology applications and digital asset services, which would have resulted in the issuance by the Company of 9,500,000 new ordinary shares in exchange for all outstanding shares of Gold Glory. Gold Glory has failed to provide its audited financial reports within the agreed period. Therefore, the transaction could not be executed as originally planned and has thus been terminated.



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