Cloopen completes going-private merger, exits OTC markets

Cloopen Group Holding Limited (OTC: RAASY), a China-based cloud communications company, has completed its merger with SummerX Holdings Limited, a subsidiary of AutumnX Holdings Limited, making Cloopen a wholly-owned private subsidiary.

Under the terms of the merger agreement, dated May 12, 2026, and approved by shareholders at an extraordinary general meeting on September 24, 2026, each American Depositary Share was cancelled in exchange for $2.9641 in cash, while each ordinary share received $0.4940 in cash. The ADS depositary, The Bank of New York Mellon, will distribute merger consideration to ADS holders after receiving funds from the paying agent.

The Financial Industry Regulatory Authority (FINRA) has been notified of the merger and is expected to remove the company's trading symbols from the OTC market shortly. The company warned that any trades executed after the merger's completion may be invalidated and said it will not be responsible for resulting losses.

Cloopen intends to file a Form 15 with the Securities and Exchange Commission to deregister its securities and suspend reporting obligations, including filings of Form 20-F and Form 6-K, effective upon filing.

Kroll, LLC, operating through its Duff & Phelps Opinions Practice, served as financial advisor to the Special Committee. Legal advisors included Hogan Lovells Cadwalader, Maples and Calder (Hong Kong) LLP, and Baker McKenzie LLP.

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