Summary by Moomoo AI
On February 8, 2024, shareholders of Hollysys Automation Technologies Ltd. (HOLI) will cast their votes on a proposed merger with a subsidiary of Superior Technologies Holding Limited, which is under the ownership of Ascendent Capital Partners III GP Limited and Sinopec Capital Co., Ltd. If the merger is approved and completed, each HOLI common share will be converted into a right to receive a net cash payment of $26.50 per share, subject to any applicable withholdings. The contract adjustment, which is expected to take place in the first quarter of 2024, will be effective from the opening of the business day following the merger's completion. HOLI options will be settled through the OCC's cash settlement system, with the settlement amount being the difference between the extended strike amount and the cash deliverable. Additionally, equity stock option contracts adjusted for cash-only delivery will have their expiration dates accelerated in accordance with OCC Rule 807.