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(Moomoo AI)
Green Giant Inc. (GGE), a Florida-based real estate development company with operations in China, has announced a significant corporate reorganization involving a merger with its newly formed subsidiary, Green Giant Enterprise Inc. (GGE BVI), incorporated in the British Virgin Islands. The merger, subject to shareholder approval, is expected to be effective on a specified date, with GGE BVI surviving as the holding company. This strategic move aims to reduce operational and administrative costs over the long term by qualifying GGE BVI as a 'foreign private issuer' under SEC rules, thus benefiting from reduced reporting obligations. Shareholders of Green Giant Inc. will receive an equal number of GGE BVI ordinary shares in exchange for their current shares. The company's current management and board of directors will remain unchanged post-merger. The reorganization also includes the adoption of a new Memorandum and Articles of Association for GGE BVI, authorizing the issuance of Class A and Class B ordinary shares, and a reclassification of the company's share capital. The merger and reorganization are subject to conditions such as shareholder approval, effective registration statement with the SEC, and listing of GGE BVI shares on Nasdaq under the symbol 'GGE'.