Bakhu Holdings has signed a memorandum of understanding to acquire all the assets and shares of Chinese solar maker Shenzhen Xinhonglian Solar Energy (SXSE), this is part of the company’s plan to enter green energy business, reports RTT News.
This memorandum of understanding (MOU) details the terms of acquisition, including time limits; it also mentions that the company’s name might be changed to Bakhu Solar Corp. The MOU outlines further that SXSE shareholders will be eligible to receive 35% of Bakhu’s common stock (16.5 Million shares).
Xinan Zeng, the founder and CEO of SXSE said, “We see many opportunities to grow our business through processing more orders and acquiring other Chinese solar product manufacturers. We are committed to work diligently to complete the acquisition as soon as possible.”
The closing of the merger is contingent on the completion of an audit by a PCAOB designated accounting firm, which is followed by the transfer of SXSE’s assets to a Hong Kong based company.