Broadway Technology and Quartzsea Acquisition Finalize Merger Agreement
Deal News | Jun 09, 2025 | EIN
Broadway Technology (Gaokai), a manufacturer of PET cups and lids, has entered into a merger agreement with Quartzsea Acquisition Corporation. This deal involves the acquisition of Gaokai by Quartzsea, a special purpose acquisition company, through its subsidiary, Cuisine Universal Packaging Solution, which will facilitate Gaokai's listing on the Nasdaq Global Market. On completion of the transaction, Gaokai will become a wholly owned subsidiary of Cuisine Universal, trading under the ticker symbol 'CUPS'. Shareholders of Gaokai will receive ordinary shares of Cuisine Universal and will be bound by a 180-day lock-up agreement post-transaction. The merger has been approved by the boards of both companies but awaits regulatory approvals and shareholder consent. Legal and financial advisors involved include Celine & Partners, Ogier Global (Cayman), B&D Law Firm, Pryor Cashman, Harney Westwood & Riegels, Jingtian & Gongcheng, and Chain Stone Capital.
Sectors
- Packaging
- Special Purpose Acquisition Companies (SPACs)
Geography
- China – Broadway Technology, through its subsidiary Zhejiang Gaokai New Materials, is located in Zhejiang Province, China.
- United States – The merger agreement will result in a listing on the Nasdaq Global Market, a major stock exchange located in the United States.
Industry
- Packaging – The article involves Broadway Technology, a manufacturer of PET cups and lids, which are key products in the packaging industry.
- Special Purpose Acquisition Companies (SPACs) – Quartzsea Acquisition Corporation is a special purpose acquisition company involved in the merger with Broadway Technology, a typical transaction within the SPAC industry.
Financials
- Not specified – The article does not provide a specific financial amount for the transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Broadway Technology (Gaokai) | Target Company | Companies | Manufacturer of PET cups and lids, involved in the merger. |
| Quartzsea Acquisition Corporation | Bidding Company | Companies | A special purpose acquisition company acquiring Gaokai. |
| Cuisine Universal Packaging Solution | Subsidiary of the Bidding Company | Companies | Subsidiary of Quartzsea involved in the merger. |
| Celine & Partners, Ogier Global (Cayman), B&D Law Firm | Legal Advisors to Quartzsea | Companies | Legal counsel representing Quartzsea in the merger. |
| Pryor Cashman, Harney Westwood & Riegels, Jingtian & Gongcheng | Legal Advisors to Gaokai | Companies | Legal counsel representing Gaokai in the merger. |
| Chain Stone Capital | Financial Advisor to Gaokai | Companies | Financial advisor to Gaokai for the merger. |