Planet Green Holdings Corp. has announced that the Company and its wholly owned subsidiary Shanghai Xunyang Internet Technology Co., Ltd. entered into a Share Exchange Agreement with Xianning Bozhuang Tea Products Co., Ltd. and each of the shareholders of Target on May 9, 2019. Pursuant to the Share Exchange Agreement, the Subsidiary will acquire all outstanding equity interests of Target, a company that produces tea products and sells such products in China.
Pursuant to the Share Exchange Agreement, the Company will issue an aggregate of 1,080,000 shares of common stock of the Company to the Sellers in exchange for the transfer of all of the equity interest of the Target to the Subsidiary. The transaction is subject to conditions that are customary for transactions of this type.
Pursuant to the Share Exchange Agreement, as of the closing, the Company’s board of directors will consist of five individuals, including one person that will be designated by the Target.
