Beijing – September 24, 2026 -- Cloopen Group Holding Limited (OTC: RAASY) shareholders approved a merger agreement that will take the Chinese cloud communications provider private, with approximately 99.98% of votes cast at an extraordinary general meeting backing the deal.
Shareholders clear merger with SpringX Holdings and related entities
The Merger Agreement involves SpringX Holdings Limited as Parent, AutumnX Holdings Limited as HoldCo, and SummerX Holdings Limited as Merger Sub, all exempted companies incorporated in the Cayman Islands. Under the structure, Merger Sub will merge into Cloopen pursuant to Part 16 of the Cayman Islands Companies Act, with Cloopen surviving as a wholly-owned subsidiary of HoldCo.
ADS program to be terminated upon deal completion
If the Merger closes as planned, Cloopen will become a privately-owned company controlled directly by HoldCo. The company's American Depositary Shares will cease trading on the OTC Pink Market, and the ADS program will be terminated entirely.
Company to proceed toward closing under existing merger terms
Cloopen said it will work with the other parties to the Merger Agreement to complete the transaction. Closing remains subject to satisfaction of the various conditions outlined in the agreement, as detailed in the company's Schedule 13E-3 filing with the U.S. Securities and Exchange Commission.