Guilan Jiang, founder and chairwoman of the Board of Fuling Global, Sujuan Zhun, director, Qian Hu, Xinzhong Wang, Jinxue Jiang and Qijun Huang entered into a preliminary non-binding proposal to acquire the remaining 29.6% stake in Fuling Global Inc. (NasdaqCM:FORK) for $10.2 million on June 20, 2020. Guilan Jiang, founder and chairwoman of the Board of Fuling Global, Sujuan Zhun, director, Qian Hu, Xinzhong Wang, Jinxue Jiang and Qijun Huang entered into a definitive agreement to acquire the remaining 29.9% stake in Fuling Global Inc. (NasdaqCM:FORK) for $11.1 million on September 1, 2020. Under the terms of the transaction, the buyers will acquire the shares for $2.18 per share and is payable in cash. As on September 1, 2020, the offer per share was revised to $2.35 per share. Prior to the transaction, Gulian Jiang holds 5.5 million shares or 35.1% stake in Fuling Global while Sujuan Zhu holds 2.2 million shares or 14% stake, Qian Hu holds 1.2 million shares representing 7.3% stake while Xinzhong Wang and Jinxue Jiang holds 1.1 million shares each representing 7% stake. The Buyer Group intends to fund the Merger with a combination of rollover equity and cash, and has delivered copies of executed equity commitment letters to Fuling Global. Parent has delivered to Fuling true and complete copies of the executed Equity Commitment Letters pursuant to which each of the Sponsor and Founder Entity has committed to purchase, or cause the purchase of, for cash or contributed equity, subject to terms and conditions thereof, equity securities of Parent, up to the aggregate amount set forth in the respective Equity Commitment Letter (together, the “Equity Financing”). The proceeds of the Equity Financing shall be used to finance the consummation of the Transactions. Upon completion of the transaction, Fuling Global will become a privately-held company owned by the Buyer Group, and the Fuling Global's ordinary shares would be delisted from the NASDAQ Capital Market. In case of termination, Fuling will pay a fee of $0.5 million and the buyer group will pay $1 million. The transaction is subject to execution of definitive agreements, Fuling's shareholder approval and third party consents. Fuling Global has formed a special committee of the Board, composed of Hong (Simon) He, Jian Cao and Fuyou Cai, each an independent and disinterested director, to consider the transaction. As on September 1, 2020, The Board of Fuling, acting upon the unanimous recommendation of a committee of independent directors established by the Board, approved the Merger Agreement. The extraordinary general meeting of Fuling Global shareholders will be held on November 20, 2020 to approve the transaction. As of November 20, 2020, Fuling Global shareholders voted in favor of the transaction and approve the going private transaction. The transaction is currently expected to close during the fourth quarter of 2020. Houlihan Lokey (China) Limited acted as financial advisor, Laura Luo of King & Wood Mallesons LLP, Anthony W. Basch of Kaufman & Canoles, P.C. and David Lamb and Angie Chu of Conyers Dill & Pearman acted as legal advisor to Fuling Global. Peter X. Huang of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Guilan Jiang and Qijun Huang. Houlihan Lokey is entitled to a fixed fee of $0.4 million, $0.1 million of which became payable upon execution of Houlihan Lokey’s engagement letter, $0.25 million of which became payable upon the delivery of Houlihan Lokey’s opinion at the request of the Special Committee, and the remaining $0.05 balance of which will become payable upon the consummation of the Merger.