CM Seven Star Acquisition Corp. Announces Continued Support from CMIG through the Appointment of Additional Board Members & C...
February 20 2018 - 8:45AM
Business Wire
CM Seven Star Acquisition Corporation, (NASDAQ:
CMSS/CMSSU/CMSSW/CMSSR) (the “Company” or “CM Seven Star”), today
announced the appointment of additional board members and certain
management changes further demonstrating support for the Company by
China Minsheng Investment Group (“CMIG”) and its affiliates. Mr.
Anthony Ho, the current Chief Investment Officer of CMIG’s Hong
Kong listed subsidiary, China Minsheng Financial Holding (“CMFH”)
(HKG:0245), has been appointed as Chairman of the board. Mr. Sing
Wang, the former CEO of CMFH, and previously private equity
executive at TPG and Goldman Sachs, has been appointed as a
director and CEO. The Company’s previous Chairman and CEO, Mr. Bing
Lin, will remain a board member. These changes are effective
immediately.
Our previous Chairman and CEO, Mr. Bing Lin, stated “Today’s
changes represent strong public support for the Company by CMIG and
its affiliates as both Mr. Ho and Mr. Wang are current or former
senior executives of CMFH. Mr. Wang served as the CEO and Executive
Director of CMFH until May 2017, and Mr. Ho currently is the Chief
Investment Officer of CMFH. Personally, I am very excited to
deliver to the Company’s shareholders the commitment of these
talented finance professionals and the organization they
represent.”
Our new CEO, Mr. Wang stated that: “It is an honor that CMFH is
asking me to succeed Bing Lin and become the CEO and director of
the Company. I do so based on the belief that the commitment of
CMIG and that of its affiliates to the success of CM Seven Star is
significant. I’d like to commend Mr. Bing Lin’s success in
launching CM Seven Star. However, I am confident that my more than
25 years of experience in professional investment management with
some of the top firms in the financial services industry will be
most applicable in this next phase of CM Seven Star’s
development.”
Our new Chairman of the Board, Mr. Ho, further added: “CMIG
would like to take this opportunity to thank Mr. Bing Lin for his
tremendous efforts and success in launching CMIG’s first SPAC, and
in fact our group’s first public offering in the US capital
markets. We appreciate that Mr Lin will continue in his role as a
director of CM Seven Star, and his support that he will continue to
provide in this role. "
Mr. Sing Wang, our new CEO added further: “We are committed to
finding attractive merger targets for CM Seven Star with the single
purpose of creating shareholder value regardless of the source and
type of assets. We will be open to additional management changes in
the future, to strengthen our team to address any needs of the
SPAC.”
The Company
The Company is a blank check company for the purpose of entering
into a merger, share exchange, asset acquisition, share purchase,
recapitalization, reorganization or similar business combination
with one or more businesses or entities. The Company’s efforts to
identify a prospective target business will not be limited to a
particular industry or geographic region.
On Oct 25, 2017 the company priced its initial public offering,
and after exercise of an underwriter’s overallotment purchase
option, currently has $206 million of cash in trust. The company’s
securities trade on The NASDAQ Capital Market, with the ordinary
shares under the ticker symbol “CMSS,” the units under the ticker
symbol “CMSSU,” the warrants under the ticker symbol “CMSSW,” and
the rights under the ticker symbol “CMSSR.”
Forward Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward looking statements are
statements that are not historical facts. Such forward-looking
statements, including the successful consummation of the Company’s
initial public offering, are subject to risks and uncertainties,
which could cause actual results to differ from the forward looking
statements. The Company expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Company’s expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is
based.
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version on businesswire.com: http://www.businesswire.com/news/home/20180220005885/en/
CM Seven Star Acquisition CorporationMr. Sing Wang, +852 3978
3888 / 3796 2750Chief Executive Officersw@cm7star.com
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