On Monday, shares of high precision metal components manufacturer Cleantech Solutions International Inc. (NASDAQ:CLNT) are skyrocketing, up 70% to $5.61 per share in midday trading after it was announced the company would be acquired by YSK1860, an investment holding company.
As of 12:06 PM EST, Cleantech’s market cap hit $7.77 million.
YSK1860 announced today that on April 17, 2017, it purchased all shares of Cleantech previously held by the company’s Chairman and CEO, Mr. Jinhua Wu, and his affiliates. YSK1860 acquired 416,249 shares for about $970,000, or $2.33 per share.
Mr. Wu will keep his position as Chairman and CEO of Cleantech going forward. "The decision to sell these shares was personal, and I am pleased to have found an investor with the patience, vision and expertise to support Cleantech Solutions now and in the future. I look forward to staying on as CEO as we work on improving existing operations and exploring other areas with growth potential,” commented Mr. Wu on the deal.
YSK1860 has investments in different countries that cover a wide range of sectors, including traditional construction, real estate, trading, the environment, and the Internet.
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