WENLING, China, July 24, 2020 /PRNewswire/ -- Fuling Global Inc.
(Nasdaq: FORK) ("Fuling Global" or the "Company"), a manufacturer
and distributor of mainly environmentally-friendly plastic and
paper foodservice disposable products, today announced that the
special committee (the "Special Committee") of its board of
directors (the "Board") has retained Houlihan Lokey, Inc. as its financial advisor,
King & Wood Mallesons, LLP as its United States legal counsel and Conyers Dill & Pearman as its Cayman Islands legal counsel, to advise in the
review of the previously-announced non-binding proposal from a
buyer group (the "Buyer Group") to acquire all of the outstanding
ordinary shares of the Company that are not already held by the
Buyer Group for cash consideration of $2.18 per share.
The Buyer Group includes Ms. Guilan
Jiang, founder and chairwoman of the Board of the Company,
on behalf of herself and her extended family members (the "Founder
Family") who are shareholders of the Company, and Mr. Qijun Huang, an individual financial
investor.
The Special Committee continues to evaluate and consider the
proposal, as well as other alternatives that may be available to
the Company. The Company does not intend to comment on or disclose
further developments regarding the Special Committee's evaluation,
unless and until it deems further disclosure is appropriate or
required.
This communication shall not constitute a solicitation to buy or
an offer to sell shares of Fuling Global's common stock. There can
be no assurance that any definitive offer will be made, that any
agreement will be executed, or that this or any other transaction
will be approved or consummated.
About Fuling Global Inc.
Fuling Global manufactures and distributes mainly
environmentally-friendly disposable serviceware for the foodservice
industry, with six precision manufacturing facilities in the U.S.,
Mexico, Indonesia and China. The Company's plastic and paper
serviceware products include disposable cutlery, drinking straws,
cups, plates and other plastic and paper products and are used by
more than one hundred customers, including some of the world's most
notable quick-service restaurants and retailers, primarily in the
U.S., China, Canada and European countries. More
information about the Company can be found at:
http://ir.fulingglobal.com/.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Statements that are
not historical facts, including statements about Fuling Global's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement All information provided in this
press release is as of the date of this press release,
and Fuling Global does not undertake any obligation to update
any forward-looking statement, except as required under
applicable law.
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SOURCE Fuling Global Inc.
