GD Culture Group receives non-binding $10.75 per share take-private proposal

GD Culture Group (GDC) announced that its board has received a preliminary non-binding proposal letter from Wealthy Concord and East Valley Technology, proposing to acquire all of the outstanding shares of the company’s common stock, par value $0.0001 per share, not already beneficially owned by the consortium, for $10.75 per share in cash. According to the proposal, the offer price represents a premium of approximately 168.8% to the closing price of the company’s common stock on April 30 and premiums of approximately 257.3% and 224.6% to the volume-weighted average closing price of the company’s common stock during the last 30 and 60 trading days ended April 30, respectively. The consortium collectively beneficially owns 5,564,886 shares of the company’s common stock, representing approximately 9.2% of the 60,759,711 shares outstanding as of April 10. The board intends to review and evaluate the proposal. The consortium has suggested that the board form a special committee of independent and disinterested directors to consider, evaluate and negotiate the proposed transaction, and that such committee retain its own independent legal and financial advisors.