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Ossen Innovation Gets Preliminary Non-Binding Proposal At $5.00/ADS

Ossen Innovation Co. Ltd. (OSN) said Wednesday that it has received a preliminary non-binding proposal letter, dated September 15, from Pujiang International Group Limited to acquire all of the outstanding ordinary shares of the company not owned by Pujiang or its affiliates for $1.667 in cash per ordinary share or $5.00 in cash per ADS.

Ossen said it plans to form a special committee consisting of independent directors to consider the proposal.

In Wednesday pre-market trading, OSN was trading at $5.38 up $1.70 or 46.20 percent.

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