MOBVISTA (01860) reaches a settlement agreement with the sellers regarding the acquisition of Beijing Reyun Technology's equity.

MOBVISTA (01860) announced that on April 28, 2021, it acquired all the equity of Beijing Reyun Technology Co., Ltd.; and on September 8, 2023, it announced that the Guangzhou Arbitration Commission issued an arbitration award involving Sellers 1, 6, and 17 (collectively referred to as "Party A", collectively owning approximately 15.32% equity in the target company) against Reyun Technology and the company (collectively referred to as "Party B") arbitration application, seeking payment of the respective portions of the purchase price, accrued interest, and other incidental costs and expenses. The parties have recently entered into a settlement agreement, whereby Party B agrees to pay Party A (including) a total settlement amount of approximately $21.0341 million to fully and finally resolve the arbitration award and related enforcement proceedings. Based on the above, the parties agree that after Party B fulfills its payment obligations under the settlement agreement, the rights and obligations of the parties under the relevant purchase agreement and arbitration award will be terminated and discharged.