IClick Interactive Asia Group Terminates Merger Deal With TSH Investment

(RTTNews) - iClick Interactive Asia Group Limited (ICLK), an enterprise and marketing cloud platform in China, announced Friday the termination of the previously announced agreement and plan of merger with TSH Investment Holding Limited and TSH Merger Sub Limited.

In pre-market activity on the Nasdaq, iClick shares losing more than 21 percent to trade at $2.

The agreement and plan of merger was dated as of November 24, 2023.

On March 29, iClick delivered to TSH Investment a notice confirming the satisfaction of the closing conditions under the Merger Agreement, and that the company is ready, willing and able to consummate the closing contemplated under the deal.

Since then, the company has been communicating and cooperating with TSH Investment and TSH Merger Sub towards the deal closure, but they have failed to complete the closing within ten business days following the delivery date.

Following this, iClick now sent a notice of termination to TSH Investment and TSH Merger Sub, notifying that it is exercising its right to terminate the deal, and demanding TSH Investment to pay the $1.80 million termination fee by May 9.

As a result of the termination of the Merger Agreement, the proposed merger will not be completed.