Merge of Epistar and Lextar Delayed as the Case Still under Review of the Chinese Antitrust Authorities

Taiwan based LED companies Epistar and Lextar announced that the share conversion date of their new holding company ENNOSTAR will be delayed. The two companies originally set the date on October 20, 2020 to convert shares of both company and list ENNOSTAR. But since the case has yet pass the review procedure of the Chinese antitrust authorities, the share conversion date is now rescheduled to January 6, 2021.

(Image: Pixabay)

Epistar and Lextar announced that they are establishing a new holding company through share swapping with the aim to integrate resources and leverage their expertise to push developments of novel LED technologies including Micro LED and Mini LED. Once the new company ENNOSTAR is listed, Epistar and Lextar will be delisted and become subsidiaries of ENNOSTAR.

The case passed the review of the Taiwan Fair Trading Commission and was approved by the Taiwan Stock Exchange earlier this month. However, as both Epistar and Lextar own subsidiaries in China, they also have to pass the review procedures in China. Since the Chinese authorities has required more documents, the review procedures did not pass as scheduled. Therefore, the new shares conversion base data and the listing date of ENNOSTAR is set on January 6, 2021.

Epistar reported that the reschedule will not affect its plan of Mini LED product mass production. The company will also keep its target to achieve 85% yield by the fourth season of 2020.

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