Certain Ordinary Shares of China Saftower International Holding Group Limited are subject to a Lock-Up Agreement Ending on 10-JUL-2022. These Ordinary Shares will be under lockup for 731 days starting from 9-JUL-2020 to 10-JUL-2022.
Details:
Each of Controlling Shareholders has jointly and severally undertaken to each of the Company, the Sole Sponsor, the Joint Bookrunners and the Pubic Offer Underwriters that, save as permitted under the GEM Listing Rules, it shall not and shall procure his or its close associates (as defined under the GEM Listing Rules) and the relevant registered holders shall not: (a) in the First Twelve-Month Period, sell, dispose of, nor enter into any agreement to dispose of or otherwise create any pledge, charge, lien, mortgage, option, restriction, right of first refusal, security interest, claim, pre-emption rights, equity interest, third party rights or interests or rights of the same nature as that of the foregoing or other encumbrances or security interest of any kind or another type of preferential arrangement (including without limitation, retention arrangement) having similar effect (ææEncumbrancesÆÆ) in respect of any of the Relevant Shares; or (b) in the Second Twelve-Month Period, sell, dispose of, nor enter into any agreement to dispose of or otherwise create any Encumbrances in respect of any of the Shares if, immediately following such disposal or upon the exercise or enforcement of such Encumbrances, he/it would, either individually or taken together with the others of them, cease to be a Controlling Shareholder of our Company.
Certain shareholders have agreed not to dispose off more than one-third shares for six months from the listing date.