Cloopen Shareholders Approve Privatization Deal

Under the terms of the agreement, Cloopen will merge with a subsidiary of SpringX Holdings Limited. Upon the completion of the transaction, the company will transition into a wholly-owned subsidiary of AutumnX Holdings Limited. This structural shift marks the end of the firm's tenure on the OTC Pink Market, as the company plans to terminate its American Depositary Shares (ADS) program once the merger is finalized.

The parties involved are now coordinating to satisfy all closing conditions necessary to finalize the acquisition. Should the merger proceed as planned, Cloopen will cease to be a publicly traded company, concluding its current status as a market-listed entity. The firm, known for its CPaaS and cloud-based contact center solutions, has not provided a specific timeline for the final transition but confirmed that it is moving forward in accordance with the established merger agreement.