SORL Auto Parts Forms Special Committee To Evaluate Buy-out Proposal From CEO

(RTTNews) - SORL Auto Parts Inc. (SORL) said that its board formed a special committee of independent directors to review, evaluate and negotiate a proposal from its Chief Executive Officer-led consortium, and any alternative thereto and to make a recommendation with respect to the Proposal and any alternative thereto.

In April, 2019, SORL Auto Parts said it received a preliminary non-binding proposal from Xiaoping Zhang, the Chairman and Chief Executive Officer of the Company, Shuping Chi and Xiaofeng Zhang, directors of the Company, and Ruili Group Co., Ltd. to acquire all of the outstanding shares of the company not owned by them or their affiliates.

The company has increased the size of its board of directors from seven to nine and appointed Xiao Lin and Binhua Feng as independent directors to fill newly created vacancies.