In conjunction with sale of its steel business to its Chairman for $0, Ossen proposes to acquire America-Asia Diabetes research Foundation (AADRF or San Meditech). A March 2017 private placement by AADRF provides a realistic benchmark for the fair value of the business (source Ossen proxy page 202). Proceeds of $6,000,000 were received from sale … Continue reading Ossen Innovation Acquisition Target Valued at $40.6mm in March, Equals $1.37/ADS
This will update my July 26 Article (LINK) with information disclosed in Ossen's Proxy Statement (LINK) for the shareholder meeting scheduled for September 5, 2017. Key points: Ossen Chairman Liang Tang will abstain from voting his shares at the meeting. His $0 acquisition of Ossen's business will require approval by an affirmative majority of disinterested … Continue reading Ossen Innovation Filed the Proxy Statement for its Chairman’s $0 Buyout Offer
Ossen Innovation (Nasdaq:OSN) raised $22.5mm from it's 2010 IPO (LINK) at a split adjusted price of $13.50/ADS Ossen reported tangible book value of $13.80 /ADS at 3/31/17 (LINK) and has been consistently profitable since its public listing. Ossen has proposed the sale of its entire business and all assets to its Chairman for proceeds of $0 … Continue reading Public Shareholders Invested $22.5mm in Ossen Innovation’s Steel Business, Now Ossen’s Chairman Offers To Buy It Back For $0.