BIMI International Medical Inc. (NasdaqCM:BIMI) entered into a memorandum of understanding to acquire Bengbu Mali Maternity Hospital from Renbao Chen and others on November 8, 2021. BIMI International Medical Inc. entered into a stock purchase agreement to acquire Bengbu Mali Maternity Hospital from Renbao Chen and others for $3.2 million on December 20, 2021. The aggregate consideration for the Bengbu Mali Hospital is $16.75 million. The consideration consists of cash in the amount of $2.8 million and 0.6 million newly issued shares of common stock of BIMI at a price of $15 per share. The remainder consideration of 330,000 shares of Common Stock valued at $4,950,000, or $15 per share, is subject to post-closing adjustments based on the performance of Mali Hospital in 2022 and 2023, which under certain circumstances may be paid on an earlier date if the 2022 net profit target is met or exceeded. If the net profit of Mali Hospital in 2022 equals or exceeds the net profit target, which is approximately $0.77 million, approximately 50% of the Earnout Amount will be paid to the sellers or their designees by the issuance of Common Stock. If the net profit target is not met, a reduced number of shares of Common Stock will be issuable based on the ratio of the actual net profit to the net profit target. The sellers or their designees will receive about 50% (or a smaller portion) of the Earnout Amount subject to Mali Hospital reaching a similar performance target in 2023. As per filing on April 15, 2022, The closing of the Mali Hospital acquisition subject to necessary regulatory approvals and expected to take place in April 2022.

BIMI International Medical Inc. (NasdaqCM:BIMI) cancelled the acquisition of Bengbu Mali Maternity Hospital from Renbao Chen and others on December 15, 2022.