Exhibit 99.1
Hollysys Receives Notices of Intention to Request Special Meeting of Shareholders and Additionally an Unsolicited Offer to
Acquire the Company
BEIJING, September 5, 2023 /PRNewswire/ Hollysys Automation Technologies Ltd.
(NASDAQ: HOLI) (Hollysys or the Company) announced that on August 23, 2023, it received from certain shareholders of the Company, notices of intention (collectively, the Notices of Intention) to request the
board of directors of the Company (the Board) to convene a special meeting of shareholders to consider certain proposed amendments to the Amended and Restated Memorandum and Articles of Association of the Company (the
Articles), including to increase the size of the Board from five to eleven directors, and to appoint six director candidates put forward by this group of shareholders.
In response to the Notices of Intention and in accordance with the Articles, the Board adopted a resolution setting the close
of business (British Virgin Islands time) on September 6, 2023 as the demand record date (the Demand Record Date) for the purpose of determining the shareholders entitled to demand that the Company convene a special meeting of the
shareholders.
With a Demand Record Date now set for September 6, 2023, the Board, on or after September 6, 2023
will review any written requests to convene a special meeting. Requests should be accompanied by other documents and materials required by the Articles, and be from shareholders as of the Demand Record Date entitled to exercise at least 30% of the
voting rights in respect of the matter for which the special meeting is requested. On determining that any such written requests are valid, the Board shall give notice to convene a special meeting of the shareholders in accordance with the Articles.
In addition, on August 24, 2023, the Company received a letter (the Proposal) from Recco Control
Technology and Dazheng Group (Hong Kong) Investment Holdings Company, setting out their previous unsolicited, non-binding offer to acquire all issued and outstanding shares of the Company at $25.00 per share
in cash.
The Board and the management of the Company are committed to maximizing shareholder value, are currently
evaluating options that would advance this goal and will update shareholders further as soon as appropriate. Meanwhile, the Board cautions the Companys shareholders that it has not had an opportunity to carefully review or evaluate the
Proposal and its terms, nor make any decision with respect to the Companys response to the Proposal or any other potential strategic alternatives. There can be no assurance that any definitive offer will be received, that any definitive
agreement will be executed relating to the Proposal, or that any other transaction will be approved or consummated.
In
connection with this process, the Board has retained Deutsche Bank AG as its financial advisor, Davis Polk & Wardwell as its U.S. legal advisor, and Mourant Ozannes (Hong Kong) LLP as its BVI legal advisor.