China Housing & Land Development To Become Private - Quick Facts

(RTTNews) - China Housing & Land Development, Inc. (CHLN) a developer of residential and commercial properties in northwest China, Monday said its board has authorized and approved a "going private" transaction, for eliminating CHLN's status as a public company in the U.S.

The transaction would include a reverse stock split shares of the company's common stock, whereby every 50,000 shares of the common stock issued and outstanding will be converted into one whole share of the company's common stock. The company said it will make a cash payment equal to $1.75 per pre-reverse stock split share to such stockholders. The funds for the transaction will come from the company's cash on hand.

A special meeting of company stockholders will be summoned for the purpose of voting on the adoption of the transaction. If completed, the company will become private and will no longer be listed on the Nasdaq Global Market.