Goldenbridge Acquisition Limited (GBRG) Shareholders Approve Auto Services Group Deal
by Marlena Haddad on 2023-04-14 at 5:10pm

Goldenbridge Acquisition Limited (NASDAQ:GBRG) announced in an 8-K that its shareholders approved its combination with digitalized auto services provider Auto Services Group through its indirect majority-owned subsidiary Sun Car Online Insurance Agency at a special meeting held earlier today.

Holders of 3,059,941 ordinary shares of GBRG were present at the meeting, representing 85.91% of the ordinary shares issued and outstanding. The deal was approved with 3,030,295 shares voting in favor of the transaction and just 29,646 shares against it.

Today’s 8-K did not provide a timeline for the closing of the deal, but Goldenbridge noted that it plans to close as soon as possible and will continue to accept reversal of redemption requests until then.

Goldenbridge announced the $858 million combination with Auto Services Group in May 2022. Shanghai, China-based SunCar is a leading provider of digital platforms of comprehensive automotive services and market-wide auto insurance products in China.


ADVISORS

  • Maxim Group LLC is acting as M&A and financial advisor to Goldenbridge.
  • Loeb & Loeb LLP is acting as legal advisor to Goldenbridge.
  • Pryor Cashman LLP is acting as legal advisor to SunCar.
  • Chain Stone Capital Limited (CTM) is acting as financial advisor to SunCar.
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