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GD Culture Group Ltd. (NASDAQ:GDC) jumped 31.52% to $0.20 in after-hours trading Friday after the Nevada-based holding company announced that its board of directors has formed a special committee consisting of three disinterested, independent directors to evaluate and consider the preliminary non-binding proposal letter received on May 1.
What You Need To Know?
According to GD Culture Group’s Wednesday press release, the bid came from investment entities Wealthy Concord Limited and East Valley Technology Limited, offering $10.75 per share in cash.
The Special Committee, consisting of Lei Zhang, Yun Zhang and Shuaiheng Zhang, has the authority to hire independent legal and financial advisors. The company also noted that …
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