Broadway Technology and Quartzsea Acquisition finalise merger agreement

Polyethylene terephthalate (PET) cups and lids manufacturer Broadway Technology (Gaokai), through its subsidiary Zhejiang Gaokai New Materials, has signed a merger agreement with Quartzsea Acquisition Corporation.

This agreement details a business combination that will result in Quartzsea, a special purpose acquisition company, acquiring Gaokai through its subsidiary, Cuisine Universal Packaging Solution, facilitating its listing on the Nasdaq Global Market.

Shareholders of Gaokai are expected to receive ordinary shares of Cuisine Universal upon the completion of the transaction.

Certain shareholders of Gaokai will be bound by lock-up agreements lasting 180 days following the closure of the transaction, with specific exceptions.

The merger has been unanimously endorsed by the boards of both companies but is still subject to regulatory approvals and shareholder consent.

CUPS Sub, a subsidiary of Cuisine Universal, will merge with Gaokai, resulting in Gaokai becoming a wholly owned subsidiary of Cuisine Universal.

Once the transaction is completed, the newly formed entity is anticipated to be listed on Nasdaq under the ticker symbol ‘CUPS’.

Gaokai, located in Zhejiang Province, specialises in the production of PET cups and lids for various packaging sectors, including aviation and beverages.

For this transaction, Celine & Partners, Ogier Global (Cayman), and B&D Law Firm serve as legal counsel to Quartzsea.

Pryor Cashman, Harney Westwood & Riegels, and Jingtian & Gongcheng serve as legal counsel to Gaokai. Chain Stone Capital serves as the financial advisor to Gaokai for the merger.

“Broadway Technology and Quartzsea Acquisition finalise merger agreement” was originally created and published by Packaging Gateway, a GlobalData owned brand.

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