Hollysys Announces Expected Completion Date of Merger Transaction with Ascendent Capital Partners

Company Overview - Hollysys Automation Technologies Ltd. is a leading provider of automation control system solutions in China, with operations in eight other countries and regions throughout Asia [2] - The company specializes in integrated solutions for industrial automation and rail transportation, offering a full spectrum of automation hardware, software, and services [2] - As of June 30, 2023, Hollysys has completed over 45,000 projects for approximately 23,000 customers across various sectors, including power, petrochemical, high-speed rail, and urban rail [2] Merger Announcement - Hollysys expects to complete its merger transaction with a buyer controlled by Ascendent Capital Partners by July 25, 2024 [1] - All necessary approvals have been obtained, and the company anticipates satisfying all closing conditions by the expected closing date [1] - Following the merger, Hollysys intends to delist its shares from the NASDAQ Global Select Market on or shortly after the closing date [1] Ascendent Capital Partners - Ascendent Capital Partners is a private equity investment management firm based in Hong Kong, managing assets for global institutional investors [3] - The firm has a strong track record in executing innovative private equity investments and generating robust risk-adjusted returns for its investors [3] - Ascendent focuses on building long-lasting relationships with entrepreneurs and management teams through in-depth collaboration [3]