Broadway Technology Inc Merges with Quartzsea Acquisition Corporation

Deal News | Jun 06, 2025 | Globenewswire

Broadway Technology Inc, through its operating subsidiary Zhejiang Gaokai New Materials Co., Ltd., has entered into a merger agreement with Quartzsea Acquisition Corporation, a publicly traded special purpose acquisition company (SPAC). The transaction involves Quartzsea merging into Cuisine Universal Packaging Solution, with Gaokai becoming a wholly owned subsidiary of Cuisine Universal. Upon closing, the combined entity expects to be listed on Nasdaq under the ticker symbol CUPS. Gaokai is a high-tech enterprise specializing in manufacturing customized PET cups and lids for diverse markets including aviation and beverages. The merger is subject to regulatory and shareholder approvals, and involves a lock-up period for certain Gaokai shareholders. Advisors for this transaction include various legal and financial firms such as Celine & Partners, PLLC, Ogier Global, Pryor Cashman LLP, and Chain Stone Capital Limited. The transaction merges the strengths of Gaokai in PET manufacturing with Quartzsea's expertise as a merger-oriented SPAC.

Sectors

  • Packaging Industry
  • Special Purpose Acquisition Companies (SPACs)

Geography

  • China – Gaokai, the target company, is based in Haining, Zhejiang Province, China, making this geography relevant.
  • Cayman Islands – Quartzsea Acquisition Corporation is incorporated in the Cayman Islands, highlighting this as a relevant jurisdiction for the transaction.

Industry

  • Packaging Industry – Gaokai specializes in manufacturing high-quality PET cups and lids for the packaging market, making this a key industry.
  • Special Purpose Acquisition Companies (SPACs) – Quartzsea Acquisition Corporation is a SPAC, facilitating mergers in various industries as part of its business strategy.

Financials

    Participants

    NameRoleTypeDescription
    Broadway Technology IncTarget CompanyCompanyAlso known as Zhejiang Gaokai New Materials Co., Ltd., it is a leading manufacturer of PET cups and lids.
    Quartzsea Acquisition CorporationBidding CompanyCompanyA publicly traded special purpose acquisition company (SPAC) involved in merger transactions.
    Cuisine Universal Packaging SolutionPurchaserCompanyA wholly owned subsidiary of Quartzsea that will hold Gaokai post-merger.
    Celine & Partners, PLLCLegal AdvisorCompanyLegal counsel to Quartzsea.
    Ogier Global (Cayman) LimitedLegal AdvisorCompanyLegal counsel to Quartzsea.
    B&D Law FirmLegal AdvisorCompanyLegal counsel to Quartzsea.
    Pryor Cashman LLPLegal AdvisorCompanyLegal counsel to Gaokai.
    Harney Westwood & RiegelsLegal AdvisorCompanyLegal counsel to Gaokai.
    Jingtian & Gongcheng, PLLCLegal AdvisorCompanyLegal counsel to Gaokai.
    Chain Stone Capital LimitedFinancial AdvisorCompanyFinancial advisor to Gaokai.
    Qi GongChief Executive OfficerPersonCEO of Quartzsea Acquisition Corporation.