NEW YORK – Bowen Acquisition Corp (NASDAQ: BOWN), a special purpose acquisition company, has entered into a definitive merger agreement with Shenzhen Qianzhi BioTechnology Co., Ltd, a Chinese biotech firm specializing in ozonated health and wellness products. The transaction, which is expected to close in the second or third quarter of 2024, will result in Qianzhi BioTech becoming a wholly-owned subsidiary of Bowen.
Under the terms of the agreement, Qianzhi Group Holding, the parent company of Qianzhi BioTech, will merge with Bowen’s subsidiary, with the combined entity continuing to trade on NASDAQ under a new ticker symbol. Qianzhi BioTech’s shareholders will receive an aggregate of 7,246,377 ordinary shares of BOWN, and may receive up to an additional 1,400,000 shares upon reaching certain earnout targets.
The merger has received approval from the boards of directors of both companies, and the majority shareholder of Qianzhi Group Holding has agreed to vote in favor of the merger. Completion of the deal is subject to regulatory approvals, as well as the approval of BOWN and Qianzhi BioTech’s stockholders.
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