Exhibit 99.1
Hollysys Announces Completion of Merger Transaction with Ascendent Capital Partners
• Requests trading of its shares be suspended as of close of trading July 25, 2024
BEIJING, July 25, 2024 /PRNewswire/ — Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) (“Hollysys” or the “Company”) and
Ascendent Capital Partners (“Ascendent”) today announced the completion of the merger (the “Merger”) between Hollysys and entities affiliated with Ascendent, pursuant to the previously announced agreement and plan of merger,
dated as of December 11, 2023 (the “Merger Agreement”) among the Company, Superior Technologies Holding Limited (“Parent”) and its wholly-owned subsidiary Superior Technologies Mergersub Limited (“Merger Sub”).
Leon Meng, Founding Managing Partner and Chairman of Ascendent said: “We are delighted to complete the acquisition of Hollysys. We look
forward to working constructively with the key management and employees of the Company to bring our vision to the business and create the best possible outcome for the staff and customers of Hollysys in the future.”
Dr. Kok Peng Teh, Chairman of the Special Committee of the Board of Directors of Hollysys, commented: “We are pleased that the
Merger has successfully closed, delivering the best value for our shareholders despite the challenging environment. We believe that the Merger represents the best path forward for the Company, our management, employees and all other
stakeholders.”
As a result of the Merger, the Company has become a wholly owned subsidiary of Parent and will cease to be a publicly traded company.
The Company has requested that trading of its ordinary shares (the “Shares”) on the Nasdaq Global Select Market (“Nasdaq”) be suspended as of the close of trading on July 25, 2024 (New York time).
Pursuant to the terms of the Merger Agreement, which was approved by the Company’s shareholders at an extraordinary general meeting held on
February 8, 2024, each Share issued and outstanding immediately prior to the effective time of the Merger (the “Effective Time”), has been cancelled and ceased to exist in exchange for the right to receive US$26.5 per Share in cash
without interest and net of any applicable withholding taxes, except for (a) Shares owned by the Company as treasury share, or by any direct or indirect subsidiary of the Company immediately prior to the Effective Time, which have been
cancelled and ceased to exist without payment of any consideration, (b) Shares held by Parent or any direct or indirect subsidiary of Parent immediately prior to or at the Effective Time, which have been cancelled and ceased to exist without
payment of any consideration, and (c) Shares in respect of which the holder thereof has duly and validly exercised a right of dissent in accordance with Section 179 of the BVI Business Companies Act (as amended) (the “BVI Act”)
and not effectively waived, withdrawn, forfeited, failed to perfect or otherwise lost its rights to dissent from the Merger (the “Dissenting Shares”), which have been cancelled and ceased to exist in exchange for the right to receive only
the payment of fair value of such Dissenting Shares determined in accordance with Section 179 of the BVI Act.