Solai Limited receives revised preliminary non-binding going private proposal

Solai Limited (SLAI) has received a revised preliminary non-binding proposal letter from Chaince Digital, to acquire all of the issued and outstanding Class A ordinary shares and Class B ordinary shares of the company, including ordinary shares represented by ADSs, each representing 100 Class A ordinary shares, for a proposed purchase price of 3.162c per ordinary share, or $3.162 per ADS, in cash in a going-private transaction, subject to certain conditions. The proposed purchase price has been adjusted from 110% to 170% of the company’s NAV per Ordinary Share as of the most recent quarter-end date immediately preceding the closing of the Proposed Transaction. Under the proposal’s price adjustment mechanism, the final purchase price is subject to a price cap and will in no event exceed $3.20 per ADS. The board has just received the proposal and has not made any decisions with respect to the company’s response. There can be no assurance that any definitive offer will be made, that any agreement will be executed, or that the proposed transaction or any other transaction will be approved or consummated. The company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.