MKDWELL Tech Inc. and Cetus Capital Complete Business Combination
July 31 2024 - 4:10PM
MKDWELL Tech Inc. (“MKD” or the “Company”), an automotive
electronics manufacturer, today announced the completion of its
business combination (the “Business Combination”) with Cetus
Capital Acquisition Corp. (“Cetus Capital”) on July 31, 2024.
The listed company following the Business Combination is MKDWELL
Tech Inc., and its ordinary shares and warrants will commence
trading on the Nasdaq Stock Market (“Nasdaq”) under the ticker
symbols “MKDW” and “MKDWW” respectively on August 1, 2024.
The announcement of the completion of the
Business Combination comes after Cetus Capital’s stockholders voted
to approve the transaction on July 9, 2024 and all remaining
closing conditions were met. Official results of the vote are
included in a current report on Form 8-K filed by Cetus
Capital on July 10, 2024 with the U.S. Securities and Exchange
Commission (the “SEC”) at www.sec.gov.
More information about the transaction is
available in the Company’s registration statement on
Form F-4, as amended and supplemented, which includes
Cetus Capital’s proxy statement and the Company’s prospectus in
relation to the business combination, declared effective by the SEC
on June 10, 2024.
Management
The Company will be led by its founder, Chief
Executive Officer and Chairman of the Board, Ming-Chia Huang, along
with Min-jie Cui as the Chief Financial Officer. The Board of the
Company will include Executive Director Ming-Chao Huang, as
well as Independent Directors Chih-Hsiang Tang, Chung-Yi Sun and
Jung-Te Chang.
Advisors
Sichenzia Ross Ference Carmel LLP acted as legal
counsel to MKDWELL Tech Inc. Pryor Cashman LLP acted as legal
counsel to Cetus Capital. EF Hutton LLC acted as capital markets
advisor to Cetus Capital.
About MKDWELL Tech Inc.
MKD, incorporated in the British Virgin Islands,
operates primarily through its key subsidiaries: MKD Jiaxing
Company and MKD Shanghai Company in Mainland China, and MKD Taiwan
Company in Hsinchu, Taiwan. MKD Jiaxing Company was established in
2017 via an investment initiative by the Science and Technology
City of Nanhu District, Jiaxing City, Zhejiang Province, China,
aimed at fostering the microelectronics industry in the region. The
company acquired land to construct a state-of-the-art research,
development, and manufacturing facility, solidifying its presence
in Jiaxing and the Yangtze River Delta.
Founded in 2006, MKD Taiwan Company is situated
in the Hsinchu Science Park, a key nexus for Taiwan’s technological
advancements and a pivotal center for the global semiconductor
industry. MKD’s growth has been centered around automotive
electronics, which remains a primary focus. MKD is a leading
supplier of automotive electronic products for passenger cars,
modified commercial vehicles, RVs, and logistics vehicles. MKD’s
product portfolio includes intelligent RV control systems, LiDAR
sensors, intelligent container control systems for logistics
vehicles, and vehicle seat control systems. MKD offers both ODM and
OEM customization services to its clients. MKD’s design center in
the Hsinchu Science Park and manufacturing facility in the Jiaxing
Science and Technology City enable MKD to provide comprehensive
design, manufacturing, and supply solutions to its clients.
About Cetus Capital
Prior to the business combination, Cetus Capital
was a blank check company formed for the purpose of effecting a
merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more
businesses. The Management of Cetus Capital was led by Chung-Yi
Sun, the Chairman of the Board and Chief Executive Officer.
Forward-Looking Statements
This press release includes “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
such as “estimate,” “plan,” “project,” “forecast,” “intend,”
“will,” “expect,” “anticipate,” “believe,” “seek,” “target” or
other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements also include, but are not limited to,
statements regarding projections, estimates and forecasts of
revenue and other financial and performance metrics, projections of
market opportunity and expectations, the anticipated benefits of
the business combination and listing, MKD’s ability to scale and
grow its business, MKD’s competitive advantages and expected
growth, MKD’s ability to source and retain talent, and MKD’s
working capital following closing of the business combination, as
applicable. These statements are based on various assumptions,
whether or not identified in this press release, and on the current
expectations of MKD’s management and are not predictions of actual
performance. These statements involve risks, uncertainties and
other factors that may cause MKD’s actual results, levels of
activity, performance, or achievements to be materially different
from those expressed or implied by these forward-looking
statements. Although the Company believes that it has a reasonable
basis for each forward-looking statement contained in this press
release, the Company cautions you that these statements are based
on a combination of facts and factors currently known and
projections of the future, which are inherently uncertain. The
forward-looking statements in this press release represent the
views of the Company as of the date of this press release.
Subsequent events and developments may cause those views to change.
Except as may be required by law, the Company does not undertake
any duty to update these forward-looking statements.
ContactsInvestor
RelationsMKDWELL Tech Inc.csr@mkd.com.tw
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