Nanyang Technological University-spinout NanoSun faces acquisition from US-based investment firm Raffles Capital Group.
Raffles Capital Group, a US-based investment firm, is acquiring Nanyang Technological University spinout NanoSun.
NanoSun, a company developing a water filtration method based upon the use of nano fibres, recently entered a $3m joint venture with China Commerce Group for International Economic Cooperation (CCIEC). NanoSun uses 3D printing technology to create its nanofibres.
The joint venture with CCIEC, which will continue when the acquisition goes through, will implement the company’s technology in the Qingdao National High-Tech Industrial Development Zone.
Both Raffles and NanoSun have entered into an implementation deed for the acquisition. The acquisition will comprise the issuing of $2m in convertible notes that can be converted to 10 million shares at $0.20 each.
Darren Sun, co-founder of NanoSun, said: “What we will demonstrate at Qingdao will be an affordable but effective technology that can turn polluted and industrial wastewater into a source of clean water, without the generation of…
