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Mint Plans to Acquire Majority Stake in Singapore's Ascendze

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Mint (MIMI) said Tuesday it signed a non-binding memorandum of understanding to acquire a majority equity stake in Ascendze, a Singapore-based company focused on the semiconductor industry.

The companies aim to finalize definitive agreements within 90 days, subject to customary closing conditions, according to a statement.

Under the proposed partnership, Mint said it plans to make Ascendze its primary platform for strategic investments in Singapore's technology sector, collaborate on advanced chip production and robotics-driven automation technologies, and provide additional capital to support Ascendze's expansion, subject to definitive agreements.

Shares of Mint were down more than 3% in Tuesday trading.

Price: $2.69, Change: $-0.10, Percent Change: -3.58%

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