Cleantech Solutions International, Inc. (NASDAQ: CLNT) rose Wednesday after the company announced a share swap agreement with Ever-Long Holdings to acquire 51% of Brighten Holdings for 19.5% of Cleantech issued and outstanding shares.
The Hong Kong-based company has entered into a conditional share swap agreement with Ever-Long Holdings Limited and certain of its officers and directors to acquire a 51% interest in the issued share capital of Brighten Holdings Int'l Limited, a subsidiary of Styland Holdings Limited, a Hong-Kong-listed company
Brighten COO Peter Woo said, "We are excited to establish a collaborative relationship with CLNT as it focuses on developing its sharing economy businesses and pursuing technology and media innovation acquisitions.
"CLNT has been actively involved in the acquisition of innovative technology and media businesses, which are the sectors Brighten has been actively investing in as well. The collaboration will provide Brighten with a broader global platform to further expand our innovative technology investment options and provide more fruitful returns to our investors."
Said Cleantech COO Parkson Yip "Brighten is led by industry veterans with extensive expertise in the capital markets at top-tier financial institutions. We believe Brighten's expertise in investment management and direct investments in innovative technology and media companies, combined with our own competitive advantages and available resources, will result in an extremely beneficial collaboration for both parties."
The stock took flight in New York Wednesday, climbing $1.15, or 21.7%, to $6.46, within a 52-week trading range of $2.31 or $12.40.
