L.Y.(HK) Biotech Limited cancelled the acquisition of China YCT International Group, Inc in a reverse merger transaction.
The closing of the deal is subject to customary closing conditions. No consent, approval or authorization of, any governmental authority is required for the transaction to be completed. As of October 21, 2011, L.Y.(HK) Biotech Limited entered into an amendment agreement, under the terms of the agreement, in the event China YCT International Group, Inc cannot, within one year from October 21, 2011 raise a minimum of $20 million in gross proceeds from a debt or equity financing, or a series of debt and/or equity financings list its common stock on NASDAQ or a major foreign stock exchange, then the shares issued pursuant to the purchase agreement shall be returned to CYIG and the Patent shall be returned to LY Research and the purchase agreement, as amended, shall be cancelled and of no further force or effect.
L.Y.(HK) Biotech Limited cancelled the acquisition of China YCT International Group, Inc (OTCPK:CYIG) in a reverse merger transaction on October 29, 2012.