Hollysys Automation Technologies Ltd. (NASDAQ:HOLI) ("Hollysys" or the "Company") has been informed by its Chief Executive Officer, Dr. Changli Wang, that his recent sale of Company shares was made solely for his own personal financial planning needs.
Dr. Wang has informed the Company that following the sale, he holds approximately 80% of his pre-sale holdings in the Company. As the share sale was a personal decision, it does not affect the Company's going private transaction or operational plans. Dr. Wang has informed the Company that he does not intend to sell any further shares in the Company before the closing of the going private transaction with Ascendent Capital Partners ("ACP").
The Company's management, including Dr. Wang, is committed to work towards the satisfaction of the closing conditions of the going private transaction by the parties in accordance with the merger agreement.