An unknown buyer agreed to acquire Holu Hou Energy LLC from Borqs Technologies, Inc..
According to CFIUS?s timing of the divestment, Borqs is required to complete the sale of the HHE by September of this year and if approval by CFIUS is granted, there can be a possible extension of another 6 months. As on September 11, 2023, Committee on Foreign Investment in the United States (CFIUS) has granted the Company an extension from the original deadline of September 15, 2023 to January 1, 2024 to complete the divestment. The transaction is now expected to close by end of 2023. Cantor Fitzgerald & Company acted as financial advisor to Borqs Technologies. Yu Certified Public Accountant P.C. is acting as an accountant to Borqs Technologies in the transaction.