This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Prime Acquisition Corp. To Acquire Yuantong Investment Holdings Limited In Proposed $42 Million Transaction

Stocks in this article: PACQ

Prime Acquisition Corp. (“Prime”) (NASDAQ: Common Stock: “PACQ”, Units: “PACQU”, Warrants: “PACQW”), a special purpose acquisition company, and privately held Yuantong Investment Holdings Limited today announced that they have entered into a definitive share exchange agreement whereby Prime will issue 4.2 million ordinary shares in exchange for 100.0% of Yuantong.

Ms. Diana Liu, CEO of Prime, stated, “When we first formed Prime, our goal was to find a well-managed, high-growth business that was poised to take advantage of both long-term industrial growth in greater China with a strong international customer base and presence. We also were seeking a target that operated under a basic corporate structure (not a VIE), and did not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support. Given the current climate for US-listed China-based equities, we felt this was an important distinction. After a thorough due diligence and evaluation process, we are confident that Yuantong possesses all these qualities and look forward to working with the Company’s management team, led by industry veteran Weidong (Peter) Guo. Peter’s management team possesses an aggregate of over 50 years of experience in the metal casting and molding and specialty wheel markets. We feel that Yuantong’s long-standing customer relationships and quality reputation with some of the largest auto part manufacturers provides a sense of credibility to potential investors, and a wide range of end markets (primarily in the auto and specialized parts sectors) allows for considerable growth potential. We intend to work closely with the management team to help develop and grow Yuantong and are excited about the possibilities in the years ahead.”

Details of Transaction/Business Combination

Under the terms of the transaction, Prime will acquire 100.0% of Yuantong in exchange for 4.2 million newly issued ordinary shares of Prime (representing a total transaction value of approximately $42 million based on an agreed upon price of $10.00 per share).

1 of 7

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs