Company Overview - Broadway Technology Inc ("Gaokai") is a leading manufacturer of high-quality PET (polyethylene terephthalate) cups and lids through its subsidiary Zhejiang Gaokai New Materials Co., Ltd [1] - Established in 2021, Gaokai specializes in customized PET products used in various packaging markets, including aviation, yogurt, juice, fruit tea, coffee, and cold beverages [3] - The company operates within a PET industrial park in Haining, Zhejiang Province, facilitating the sourcing and development of advanced PET raw materials [3] Competitive Advantages - Gaokai's core competitive advantages include stable and high-performance raw PET materials, comprehensive upstream sheet manufacturing capabilities, advanced equipment, and automated production lines [4] - The company offers extensive PET cup customization services, including advanced printing technology for custom logos, sizes, and shapes [4][5] Business Combination Details - Gaokai is set to merge with Quartzsea Acquisition Corporation, a publicly traded special purpose acquisition company, under a Merger Agreement [1][2] - Upon completion of the transaction, Gaokai will become a wholly owned subsidiary of Cuisine Universal Packaging Solution, which will be listed on Nasdaq under the ticker symbol "CUPS" [2][6] - The transaction has been unanimously approved by the boards of directors of both Quartzsea and Gaokai and is subject to regulatory approvals and shareholder approvals [7] Transaction Terms - Under the Merger Agreement, Gaokai's shareholders will receive ordinary shares of Cuisine Universal, with certain shares subject to lock-up agreements for 180 days post-transaction [6] - The transaction is contingent upon the effectiveness of a registration statement by the U.S. Securities and Exchange Commission (SEC) and Nasdaq's approval of the listing application [7]
Broadway Technology Inc Announces Entering into a Merger Agreement with Quartzsea Acquisition Corporation