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Royole STAR Board Listing Withdrawn
According to the Shanghai Stock Exchange, a withdrawal application for the IPO and listing of Shenzhen Royole Technology Co. was submitted by the company and its sponsor, which was accepted by the exchange and terminated the audit review. Royole must now seek another funding source for the company’s capacity expansion plans, which included a $2.48b flexible OLED fab in Qindao, China, which was to be financed by the Qingdao Science & Technology Bureau, the Qingdao Shanghe Demonstration Zone, the Quingdao Urban Construction Investment Group, and the Quingdao Caitong Group, all state or local government owned real estate developers and construction companies. The company had previously raised $1.b through a series of financings and debt, which is likely a better route given the company’s current status.
According to the Shanghai Stock Exchange, a withdrawal application for the IPO and listing of Shenzhen Royole Technology Co. was submitted by the company and its sponsor, which was accepted by the exchange and terminated the audit review. Royole must now seek another funding source for the company’s capacity expansion plans, which included a $2.48b flexible OLED fab in Qindao, China, which was to be financed by the Qingdao Science & Technology Bureau, the Qingdao Shanghe Demonstration Zone, the Quingdao Urban Construction Investment Group, and the Quingdao Caitong Group, all state or local government owned real estate developers and construction companies. The company had previously raised $1.b through a series of financings and debt, which is likely a better route given the company’s current status.
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