Q&K: FLJ Group Limited Entered into a Definitive Agreement to Acquire Alpha Mind Technology Limited

SHANGHAI, China, Nov. 22, 2023 (GLOBE NEWSWIRE) -- FLJ Group Limited (NASDAQ:FLJ) ("FLJ" or the "Company"), today entered into an equity acquisition agreement (the "Equity Acquisition Agreement") with Alpha Mind Technology Limited (the "Target Company" or "Alpha Mind") and the Target Company's shareholders (the "Sellers") to acquire all the issued and outstanding shares in the Target Company for an aggregate purchase price of US$180,000,000 or RMB equivalent (the "Acquisition"). Upon the closing of the Acquisition, Alpha Mind will become a wholly-owned subsidiary of the Company. At Closing, the Company shall deliver to each of the Sellers a promissory note (collectively, the "Notes") in an aggregate amount equal to the purchase price. The Notes have a maturity of 90 days from the closing date, and will be secured by all of the issued and outstanding equity of the Target Company and all of the assets of the Target Company and its subsidiaries. The Equity Acquisition Agreement contains representations, warranties, covenants and closing conditions of each of the parties thereto that are customary for transactions of this type. There is no assurance that all conditions precedent to the closing of the Acquisition, including among other things, receipt of any applicable regulatory approvals, will be satisfied. If the closing of the Acquisition does not take place within 120 days after the signing of the equity acquisition agreement, either party may terminate the equity acquisition agreement. About Alpha Mind Alpha Mind, through its consolidated variable interest entity, operates two primary business units: (a) an insurance agency, and (b) an insurance technology business. The insurance agency operates nationwide in the PRC with a wide range of insurance products, including but not limited to property insurance, homeowner's insurance, life insurance, health insurance, business insurance and worker's compensation insurance. The insurance agency is PRC-licensed and works with around 180 insurance carriers. The insurance technology business is focused on operating and developing next-generation insurance technology products in the PRC, including developing SaaS platforms to connect consumers and underwriting support. Alpha Mind is also dedicated to the ...Full story available on Benzinga.com