China Rapid Finance Ltd (XRF) shares are surging on Wednesday morning trade as it announced the execution of a set of agreement with Yong Bao Two Ltd or YBT. Upon the closing, YBT will become a wholly-owned subsidiary of the Company.
XRF shares are currently at $2.32, up 147 percent, from its previous close of $0.94. The shares gapped up at $2.0500 at open.
Under the terms of the Agreements, True North will transfer 37,985,293 Class A shares and the Company will issue 3,465,574 Class B ordinary shares to the Investors.
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