Ossen Innovation Forms Special Committee To Consider "going Private" Proposal - Quick Facts

(RTTNews) - Ossen Innovation Co., Ltd. (OSN) said Tuesday that its Board of Directors has formed a special committee to consider a "going private" proposal that the board received on September 15, 2020. Ossen Innovation is a China-based manufacturer of plain surface, rare earth and zinc coated pre-stressed steel materials.

The company noted that the special committee consists of two independent, disinterested directors, Junhong Li and Zhongcai Wu, to consider the previously announced preliminary non-binding proposal letter for the going-private proposal.

Junhong Li will serve as chairman of the Independent Committee. The Independent Committee has retained DLA Piper as its international legal counsel, and intends to retain an independent financial advisor in due course, to assist it in this process.

Ossen Innovation's board cautioned the company's shareholders and others considering trading the company's securities that the board has just received the going-private proposal. The board has not had an opportunity to review and evaluate the proposal or make any decision with respect to the company's response to the proposal.