Borqs Technologies, Inc. Announces Repurchase of Shares
January 12 2018 - 4:30PM
Borqs Technologies, Inc. (Nasdaq:BRQS) (the “Company”), a global
leader in embedded software, products and cloud solutions for the
Internet of Things (IoT), announces repurchase of shares from
Zhengqi International Holding Limited (“Zhengqi”).
On January 10, 2018, the Company repurchased
966,136 ordinary shares issued to Zhengqi under the Backstop and
Subscription Agreement dated May 11, 2017 and amended August 16,
2017, at Zhengqi’s original purchase price of $10.40 per share, or
an aggregate of $10,047,814. Zhengqi was the sponsor of the
special purpose acquisition company that merged with Borqs
International Holding Corp in August 2017 to form the Company. The
repurchased shares have been retired. In connection with the
repurchase, 1,278,776 ordinary shares previously subject to a net
income escrow will be treated as merger consideration, with
1,227,625 shares released to former shareholders of Borqs
International Holding Corp and 51,151 shares treated as additional
indemnity shares, while 1,000,000 shares will remain subject to the
net income escrow for the benefit of Zhengqi and 73,509 shares will
remain subject to the net income escrow for the benefit of
EarlyBirdCapital, Inc. As a result of this transaction, the
former shareholders of Borqs International Holding Corp increased
their ownership of the Company from 70% to 76%.
About Borqs Borqs
Technologies is a global leader in software and products for IoT,
providing customizable, differentiated and scalable Android-based
smart connected devices and cloud service solutions. Borqs has
achieved leadership and customer recognition as an innovative
end-to-end IoT solutions provider leveraging its strategic chipset
partner relationships as well as its broad software and IP
portfolio. BORQS designs, develops and provides turnkey solutions
across device form factors such as smartphones, tablets,
smartwatches, trackers, automotive IVI, vertical application
devices (for restaurants, payments etc.). For more
information, please visit the Company’s website
(www.borqs.com).
Forward-Looking Statements
DisclosureThis press release includes “forward-looking
statements” that involve risks and uncertainties that could cause
actual results to differ materially from what is expected. Words
such as “expects”, “believes”, “anticipates”, “intends”,
“estimates”, “predicts”, “seeks”, “may”, “might”, “plan”,
“possible”, “should” and variations and similar words and
expressions are intended to identify such forward-looking
statements, but the absence of these words does not mean that a
statement is not forward-looking. Such forward-looking statements
relate to future events or future results, based on currently
available information and reflect our management’s current beliefs.
Many factors could cause actual events or results to differ
materially from the events and results discussed in the
forward-looking statements, so the reader is advised to refer to
the Risk Factors sections of the Company’s filings with the
Securities and Exchange Commission for additional information
identifying important factors that could cause actual results to
differ materially from those anticipated in the forward-looking
statements. Except as expressly required by applicable securities
law, the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
ContactSandra Dou, Investor Relations Sr.
ManagerEmail: sandra.dou@borqs.net
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