BEIJING, Nov. 8, 2018 /PRNewswire/ -- LightInTheBox
Holding Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"),
a global online retail company that delivers products directly to
consumers around the world, today announced the execution of a
share purchase agreement for the strategic acquisition of a 100%
equity stake in Ezbuy Holding Co., Ltd. ("Ezbuy"), a Singapore-based leading cross-border
e-commerce platform.
Under the terms of the share purchase agreement and as part of
an intended long-term, strategic transaction to create greater
synergies with the Company's existing business, LightInTheBox has
agreed to acquire a 100% equity stake in Ezbuy for US$85.55 million in the form of non-interest
bearing one year convertible promissory notes that automatically
convert into an aggregate of 22,220,779 American Depositary Shares
(ADS) if the price of the Company's ADSs trade at a high of
$3.85 for three consecutive trading
days during the term of the note. The Company may be obligated
to issue up to an additional 22,220,779 ADSs, in a combination of
cash and securities, at the end of the one year period if the price
is not attained. Both companies will work together to maximize
business synergies created to capitalize on opportunities to expand
their businesses.
Founded in Singapore in 2010,
Ezbuy has become one of Southeast
Asia's leading cross-border e-commerce platforms. Ezbuy
allows its more than 3 million customers in Singapore, Malaysia, Indonesia, Thailand and Pakistan to shop for high-quality products
from Mainland China, Taiwan, the
USA, South Korea, Malaysia, and Singapore.
The closing of the transaction is expected to occur in the
near future and is subject to customary closing conditions,
including, without limitation, NYSE approval for the listing of the
ADSs to be issued in connection with the transaction, the
appointment of two new directors to the Board of the Company, and
the hiring of a new Chief Executive Officer to be appointed by the
Board of Directors of the Company.
Mr. Zhiping Qi, Chief Executive Officer of LightInTheBox,
commented, "After extensive discussions with Ezbuy's highly
experienced management team, I am pleased to finally sign
definitive documentation for this acquisition and begin working
closely with them to jointly realize major strategic business
synergies. This transaction is part of our larger plan to build our
B2C cross border e-commerce out to scale globally by enhancing the
user experience and improving supply chain management and
fulfillment capabilities. Ezbuy has done a fantastic job building a
talented team, highly recognizable brand, and solid supply chain
management which strengthens and directly complements our emerging
markets strategy. Integrating our supply chain network, warehousing
and logistics in China will create
enormous business synergies that will truly unlock the value of the
markets Ezbuy operates in and will help us build a solid platform
for sustainable long-term growth."
About LightInTheBox Holding Co., Ltd.
LightInTheBox is a global online retail company that delivers
products directly to consumers around the world. The Company offers
customers a convenient way to shop for a wide selection of products
at attractive prices through its www.lightinthebox.com,
www.miniinthebox.com and other websites and mobile
applications, which are available in 23 major languages and cover
more than 90% of global Internet users.
About Ezbuy Holding Co., Ltd.
Ezbuy Holding Co., Ltd. ("Ezbuy") was founded in 2010 by a group
of aspiring entrepreneurs with a single mindset to bring quality
products in a convenient way to the locals via its platform. As of
today, Ezbuy has more than 3 million customers from Singapore, Malaysia, Indonesia, Thailand and Pakistan. It has also brought millions of
quality products from Mainland China, Taiwan, the USA, Korea, Malaysia and Singapore to its local customers. More than
cross-border shopping platform, Ezbuy is composed of engineers who
are always in tune with what customers need, creating simple yet
complete solutions from sourcing to shipping.
Forward-Looking Statements
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "potential," "continue," "ongoing,"
"targets" and similar statements. Among other things, statements
that are not historical facts, including statements about
LightInTheBox's beliefs and expectations, the business outlook and
quotations from management in this announcement, as well as
LightInTheBox's strategic and operational plans, are or contain
forward-looking statements. LightInTheBox may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the "SEC"), in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: LightInTheBox's goals and strategies;
LightInTheBox's future business development, results of operations
and financial condition; the expected growth of the global online
retail market; LightInTheBox's ability to attract customers and
further enhance customer experience and product offerings;
LightInTheBox's ability to strengthen its supply chain efficiency
and optimize its logistics network; LightInTheBox's expectations
regarding demand for and market acceptance of its products;
competition; fluctuations in general economic and business
conditions and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in LightInTheBox's filings with the SEC. All information
provided in this press release and in the attachments is as of the
date of this press release, and LightInTheBox does not undertake
any obligation to update any forward-looking statement, except as
required under applicable law.
Investor Relations Contact
Christensen
Ms. Xiaoyan Su
Tel: +86 (10) 5900 3429
Email: ir@lightinthebox.com
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SOURCE LightInTheBox Holding Co., Ltd.