Shandong Luyang Energy Saving Materials Co., Ltd.
Announcement on Progress of Indirect Controlling Shareholder's Planned Bankruptcy Reorganization and Proposed Change of Company's Actual Controller
The Company and the entire Board of Directors guarantee that the information disclosed is true, accurate, and complete, with no false records, misleading statements, or significant omissions.
Special Notes:
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On July 27, 2026, Shandong Luyang Energy Saving Materials Co., Ltd. (hereinafter referred to as the "Company") received a "Letter of Intent" (hereinafter referred to as the "Letter of Intent") from QN Abrasives Asia Pacific Holdings Limited (hereinafter referred to as the "Controlling Shareholder" or "QN Abrasives"). It was learned that its indirect controlling shareholder, Ulysses Investment Holdco, Inc. (hereinafter referred to as "Ulysses"), voluntarily filed for bankruptcy reorganization with the U.S. Bankruptcy Court for the Northern District of Texas on July 26, 2026. Ulysses expects the court-supervised reorganization process to be completed in about 60 days.
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The bankruptcy reorganization planned by the Company's indirect controlling shareholder, Ulysses, and the proposed change of the Company's actual controller are still uncertain. Investors are advised to make decisions cautiously and be aware of investment risks.