Fuwei Films (Holdings) Co., Ltd. Enters into an Agreement and Plan of Merger with Baijiayun Limited, a Video SaaS/PaaS, Video Cloud and Software, Video AI and System Solution Provider

BEIJING, July 18, 2022 /PRNewswire/ -- Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL) ("Fuwei Films" or the "Company") and Baijiayun Limited ("Baijiayun"), a video SaaS/PaaS, video cloud and software, video AI and system solution provider, today announced that they have entered into an Agreement and Plan of Merger (the "Merger Agreement"), pursuant to which Baijiayun will merge with a wholly-owned subsidiary of the Company, with Baijiayun being the surviving entity, and the issued and outstanding share capital of Baijiayun will be cancelled in exchange for newly issued shares of the Company on the terms and conditions set forth therein in a transaction exempt from the registration requirements under the Securities Act of 1933 (the "Transaction"). Upon consummation of the Transaction, Baijiayun will become a wholly-owned subsidiary of the Company.

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