Baijiayun Group Ltd entered into an equity acquisition agreement to acquire Beijing Hydrogen Data Information Technology Co., Ltd. from Wei Qu, Beijing Hydrogen Information Consulting Center L.P., and three other minority investors for approximately $110 million.

Baijiayun Group Ltd (NasdaqCM:RTC) entered into an equity acquisition agreement to acquire Beijing Hydrogen Data Information Technology Co., Ltd. from Wei Qu, Beijing Hydrogen Information Consulting Center L.P., and three other minority investors for approximately CNY 110 million on March 30, 2023. The total consideration of the Transaction will be paid in three installments in cash and restricted shares of Baijiayun, consisting of first installment of CNY 1.63 million to be paid in cash on the closing date, second installment of CNY 1.63 million to be paid in cash after the completion of the AIC change registration, and third installment of CNY 104.5 million is to be paid in restricted shares of Baijiayun Group after the satisfaction of the closing conditions on the closing date. Mr. Wei Qu will continue to serve as the legal representative and general manager of Beijing Hydrogen, and will be responsible for its operating performance.

The closing of the Transaction is expected to take place by the end of March 2023, subject to the satisfaction of closing conditions set forth in the Agreement.