Market Overview

The Details Of Cleantech's Exclusivity Deal With Inspirit Studio

Share:
The Details Of Cleantech's Exclusivity Deal With Inspirit Studio

Shares of Cleantech Solutions International Inc (NASDAQ: CLNT) gained more than 96 percent Monday after the company said it has an exclusivity agreement for a potential takeover of Inspirit Studio.

Cleantech Solutions, a China-based manufacturer and seller of textile dyeing and related products, said Monday its wholly-owned subsidiary, Sharing Economy Investment Limited, has entered into an exclusivity agreement with Inspirit studio to acquire a stake of at least 51 percent of Inspirit Studio.

Inspirit Studio develops a sharing economy mobile platform that allows users to provide courier delivery services during their commuting times. The company's platform boasts over 2,000 freelance couriers and a five-month pilot project resulted in over 6,000 successful transactions.

New Details

On Tuesday, further details of Cleantech's plans for a partnership were released in a regulatory filing.

Inspirit Studio will handle the following tasks:

    1. Develop a community peer-to-peer errand delivery system.
    2. Promote community resources sharing.
    3. Expand the community errand delivery networks into a global network.

The two companies will continue discussions relating to the proposed partnership in which Cleantech will emerge the majority owner. Talks will end in three months during which neither entity will be permitted to discuss or negotiate with any third parties.

Related Links:

3 Ways To Play China's Rate Decision

Playing The Emerging Markets Trade With Leveraged ETFs
_________
Image Credit: By KCyamazaki (Own work) [CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)], via Wikimedia Commons

Posted-In: China Inspirit Studio Sharing Economy Sharing Economy Investment LimitedM&A News Asset Sales Movers Best of Benzinga

 

Related Articles (CLNT)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Benzinga's Top Upgrades, Downgrades For October 10, 2017

Trump Complains About NFL's 'Massive' Tax Breaks, Which The League Voluntarily Gave Up In 2015