According to Axington, the valuation of the target company, Veivo Web Technology, as indicated by the vendor, is $676 million.
Axington Inc’s proposed reverse takeover deal to acquire 60% of a China-based information services business for $405 million has fallen through.
Under the proposed terms of the deal, indicated in an MOU and first announced on July 8, Axington will pay the vendor, Gao Hong, new Axington shares at no less than 19 cents each and also a cash portion of $30 million.
