Pujiang International Group Limited (SEHK:2060) entered into a preliminary non-binding proposal to acquire remaining 34.1% stake in Ossen Innovation Co., Ltd. (NasdaqCM:OSN) for $11.2 million on September 15, 2020. Pujiang International will offer $1.667 in cash per ordinary share and $5 in cash per ADS of Ossen Innovation not already held by Pujiang International. Pujiang International Group Limited entered into a definitive agreement to acquire remaining 34.1% stake in Ossen Innovation Co., Ltd. for $11.5 million on December 17, 2020. Pursuant to the terms, Pujiang International will offer $1.7 in cash per ordinary share and $5.1 in cash per ADS. Pujiang International will finance the transaction from available cash of $12.5 million. Post-completion, Ossen Innovation Co., Ltd. will operate as a wholly owned subsidiary of Pujiang International Group Limited and will continue to do business under the name “Ossen Innovation Co., Ltd.” and will be no longer listed on Nasdaq Capital Market and will become a private company. In case of termination, Ossen Innovation will pay a termination fee of $0.34 million and Pujiang International will pay a termination fee of $0.68 million. The transaction is subject to customary closing conditions including approval from shareholders of Ossen Innovation and dissenting shareholders holding no more than 10% shares shall have validly served a notice of dissent. The transaction is unanimously approved by the Board of Ossen Innovation upon the recommendation of special committee. The transaction is also approved by the board of Pujiang International. The Board of Directors pf Ossen Innovation Co., Ltd. intends to form a special committee consisting of independent Directors to consider the proposal. On September 22, 2020, Ossen Innovation formed a special committee consisting of two independent, disinterested directors, Junhong Li and Zhongcai Wu to consider the transaction. Junhong Li will serve as chairman of the Independent Committee. The special committee approved the transaction. The transaction is expected to complete on June 17, 2021. Ossen Innovation Co., Ltd. has entered into an amendment to the agreement and plan of merger on June 16, 2021 to amend the agreement. Pursuant to amendment the parties have agreed to extend the termination date by three months from June 17, 2021 to September 17, 2021. The extraordinary general meeting of shareholders of Ossen Innovation will be held on September 9, 2021 at 10:00 A.M. (Beijing Time). Ossen Innovation's board of directors, acting upon the unanimous recommendation of a committee of independent directors established by the Board, composed of two independent and disinterested directors of the Ossen Innovation who are unaffiliated with Ossen Innovation, any of the management members of Ossen Innovation, or any person participating as a buyer or rollover shareholder in the merger, authorized and approved the execution, delivery and performance of the merger agreement, the plan of merger, and the consummation of the transactions contemplated thereby, including the merger, and recommends that Ossen Innovation's shareholders vote in favour of the transaction. The record date for holders of ADSs entitled to instruct the ADS depositary to vote the Shares represented by the ADSs is at the close of business on August 10, 2021.

Dan Ouyang, Jie Zhu, Xuchao Dong and Helen Wang of Wilson Sonsini Goodrich & Rosati, P.C. acted as legal advisors to Pujiang International Group Limited in the transaction. James Chang and Yang Ge of DLA Piper acted as legal advisors while Houlihan Lokey (China) Limited was retained as the independent financial advisor to the special committee. Ogier acted as legal advisor to the special committee and Becker & Poliakoff LLP acted as legal advisor for Ossen Innovation. Houlihan Lokey (China) Limited provided fairness opinion to the special committee.

Pujiang International Group Limited (SEHK:2060) completed the acquisition of remaining 34.1% stake in Ossen Innovation Co., Ltd. (NasdaqCM:OSN) on September 9, 2021. All conditions pertaining to the transaction are now fulfilled.