In response to the requests of certain shareholders to convene a special meeting of shareholders, Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company") has announced it will hold a special meeting of shareholders in the week commencing January 22, 2024. Following a hearing held at the Hong Kong High Court on the ownership and control of Ace Lead Profits Limited ("Ace Lead"), one of the requisition shareholders, and its shares of the Company, the Hong Kong High Court has come up with the outcome of the decision.
According to the board of directors of the Company (the "Board"), the record date for determining the number of shareholders who are entitled to vote at the special meeting will be November 27, 2023.. Within the next few weeks, a proxy statement for the special meeting will be filed with the Securities and Exchange Commission (SEC). The proxy statement will specify detailed proposals to be voted on by shareholders at the special meeting, along with the Board's recommendations for each of those proposals. As part of this proposal, the Board would like to increase the maximum size of the Board from five to eleven and appoint six directors who were nominated by the requisition shareholders.
The proxy statement will specify detailed proposals to be voted on by shareholders at the special meeting, along with the Board's recommendations for each of those proposals. As part of this proposal, the Board would like to increase the maximum size of the Board from five to eleven and appoint six directors who were nominated by the requisition shareholders.
A statement issued by the members of the Board said: "The Board acknowledges that a substantial number of shareholders have called for a special meeting in order to present resolutions regarding the structure of the Board. In January, the Board will proceed with a meeting to respect the right of shareholders."
There has been positive progress made by the Special Committee of the Board in relation to the sale process and the sale process will be carried out in an expedited manner in the future. As a result of the Special Committee's productive communications with a number of bidders,. There are a number of bidders who have proceeded to the confirmatory due diligence stage while negotiating definitive agreements simultaneously with other bidders. It should be noted that while there can be no assurances, the Special Committee is hopeful that the Company will be in a position to execute a merger agreement by mid-December and will provide timely updates to the market and shareholders at that time.
It should be noted that while there can be no assurances, the Special Committee is hopeful that the Company will be in a position to execute a merger agreement by mid-December and will provide timely updates to the market and shareholders at that time.
According to the Company's Memorandum and Articles of Association, the shareholding threshold that is required for the requisition shareholders to request a special meeting has been met as of the demand record date of September 6, 2023 and the Board confirms that this threshold has been met. Therefore, a special meeting will be convened by the Company as a result of this.
A brief overview of Hollysys Automation Technologies Ltd.
Hollysys is a leading provider of automation control systems solutions in China, with operations in eight other countries and regions throughout the Asia-Pacific region.. As a result of Hollysys' proprietary technology and deep industry know-how, Hollysys empowers its customers with enhanced operational safety, reliability, efficiency, and intelligence which are critical to the success of their businesses. As an integrated solutions provider for industrial automation and rail transportation, Hollysys is primarily responsible for generating revenues from its integrated solutions. As a leading provider of industrial automation hardware, software, and services, Hollysys' portfolio of products includes field devices, control systems, enterprise manufacturing management applications, and cloud-based applications.. The Hollysys rail division provides advanced signaling control and SCADA (Supervisory Control and Data Acquisition) systems for high-speed rail and urban rail (including subways) systems in the rail transportation industry.. With technical expertise and innovation, Hollysys was founded in 1993, as a research team specializing in automation control in the power industry. Today, Hollysys has become a group of companies that provide integrated automation control system solutions for customers in a diverse array of industries. By the end of June 2023, Hollysys will have completed more than 45,000 projects for approximately 23,000 clients in various sectors including power and petrochemical, high-speed rail, urban rail, and high-speed rail, in each of which Hollysys has established leading market positions.
By the end of June 2023, Hollysys will have completed more than 45,000 projects for approximately 23,000 clients in various sectors including power and petrochemical, high-speed rail, urban rail, and high-speed rail, in each of which Hollysys has established leading market positions.
Statements of Safe Harbor
As a result of the Private Securities Litigation Reform Act of 1995, this release contains forward-looking statements within the meaning of that act.. Other than statements of historical fact contained herein, all of the statements are "forward-looking statements," including statements regarding the ability of the Company to accomplish its commercial objectives, statements about the Company's business strategy, plans, and objectives, statements about the growth of the Company's financial and operational performance, and statements about other non-historical information.. Often, forward-looking statements are identified by the use of forward-looking terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," or similar expressions. These statements are subject to both known and unknown risks and uncertainties.. There are risks and uncertainties associated with forward-looking statements, which are based on the current beliefs and expectations of Hollysys' management, which could cause actual results to differ from those expressed in forward-looking statements.. It is important to note that, although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they also involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect as a result of these factors.. It is prudent for investors not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and are subject to change. There may be a variety of factors which could cause the Company's actual results to differ materially from those anticipated in these forward-looking statements. A number of those factors are discussed in the Company's reports that have been filed with the Securities and Exchange Commission and are available on the Company's website (http://www.A few seconds.Government of Canada). Unless otherwise stated, all forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Aside from as required by the securities laws, the Company does not assume a responsibility to update forward-looking statements other than as required by the securities laws
Aside from as required by the securities laws, the Company does not assume a responsibility to update forward-looking statements other than as required by the securities laws
Information about how to contact us
The following company contact information is available: Hollysys Automation Technologies Ltd.www.hollysys.com +8610-5898-1386 [email protected] 
Contact information for the media (Hong Kong and New York): Brunswick Group [email protected] 
[email protected] +852 9255 5136 Daniel Del Re (Hong Kong) [email protected]
[email protected] Libby Lloyd (New York) +1 347 283 3871 (email protected)
The source of this information is Hollysys Automation Technologies Ltd.
It is with great pleasure that I introduce Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) to you as a leading provider of automation and control technologies and services...
There has been an announcement made by Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company") today that the Special Committee of the Board of Directors has approved the proposed...
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