Jingwei International Ltd. (JNGW) noted Friday receiving a proposal from its Chairman George, or Jianguo, Du which aims to make the company a private entity solely owned by Du. The company's Board has appointed a special committee to evaluate the offer with the assistance of financial advisors.
Du, whose holding in the company amounts to 41.1 percent, intends to request the Board for a reverse stock split at a 1-for-50,000 ratio, after which fractional shares may be canceled following a payment of $1.56 per share. Such a purchase may be funded through Du's personal funds, the company added. No timeline was announced for the Board's review of the proposal.
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