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Newater Technology, Inc. Files Response to Lawsuit by Fulcan Capital Partners LLC
April 1, 2021 GMT
YANTAI, China, March 31, 2021 /PRNewswire/ Newater Technology, Inc. (NASDAQ: NEWA) (“NEWA”, or the “Company”), a developer, service provider and manufacturer of membrane filtration products and related hardware and engineered systems that are used in the treatment, recycling and discharge of wastewater, today announced that the Company and its independent committee of the board of the directors (the “Independent Committee”) filed a Notice of Application and Certificate of Urgency with the Eastern Caribbean Supreme Court in the High Court of Justice, Virgin Islands (the “BVI Court”) in response to a lawsuit filed by Fulcan Capital Partners LLC, a Nevada limited liability company (“Fulcan”). Fulcan obtained on March 17, 2021 an ex parte order from the BVI Court enjoining a
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NEWA , or the
Company ), a developer, service provider and manufacturer of membrane filtration products and related hardware and engineered systems that are used in the treatment, recycling and discharge of wastewater, today announced that its independent committee of the board of the directors (the
Independent Committee ) has concluded that an unsolicited and non-binding acquisition proposal received by the Independent Committee from Fulcan Capital Partners LLC, a Nevada limited liability company (
Fulcan ), to acquire substantially all outstanding ordinary shares of the Company at a purchase price of US$4.90 per share is not reasonably capable of being consummated and that the Independent Committee has rejected the Fulcan s proposal.
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