SHANGHAI - FLJ Group Limited (NASDAQ:FLJ), a company specializing in insurance agency and insurance technology services, announced today an agreement to extend the maturity date of the promissory note issued for the acquisition of Alpha Mind Technology Limited. The maturity date has been pushed from March 25, 2024, to June 30, 2024, providing additional time for the settlement of the note.
The promissory note in question is part of a transaction that took place on December 28, 2023, when FLJ Group acquired all the issued and outstanding shares of Alpha Mind Technology Limited. The purchase was made for an all-cash price of $180M, which was paid using the notes delivered to the sellers, known as the Alpha Mind Promissory Noteholders.
FLJ Group operates through its subsidiaries and consolidated variable interest entities, focusing on a wide range of insurance products. These include property, homeowner's, life, health, business insurance, and worker's compensation. The company boasts a nationwide operation in the People's Republic of China (PRC) and collaborates with approximately 180 insurance carriers. In addition to its insurance agency business, FLJ Group is engaged in developing next-generation insurance technology in the PRC, which includes creating SaaS platforms aimed at connecting consumers with underwriting support.
This extension agreement allows FLJ Group more time to manage its financial obligations associated with the acquisition of Alpha Mind Technology Limited. The extension of the promissory note's maturity date is a strategic move that reflects the company's ongoing financial management efforts.
This news is based on a press release statement from FLJ Group Limited.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.