BUUU to Buy 60% of Brightray Science, Lines Up $60 Million in Private Placements
BUUU Group (BUUU) said Thursday it agreed to buy a 60% stake in Brightray Science, a provider of prefabricated data-center projects.The purchase consideration will comprise newly issued BUUU Class A shares valued at $20 each and a promissory note convertible into up to 10 million shares, subject to adjustments based on Brightray's financial performance and ownership limitation of 19.99% beneficial-ownership cap..Upon completion, the sellers will retain a 40% stake in Brightray, and BUUU will have a call option to buy the remaining interest during the three years following closing.BUUU also signed private-placement agreements with certain investors that, together with the potential cash exercise of outstanding warrants at $10 a share, are expected to generate gross proceeds of more than $60 million.Proceeds will support capacity expansion and working capital needs, the company said.Brightray was founded by Bin Wang and previously supported by Tencent-affiliated investors. Wang will join BUUU as executive director and co-CEO.Price: $30.60, Change: $+1.00, Percent Change: +3.38%
