Liang Tang agreed to acquire Ossen Innovation Materials Group Co., Ltd. from Ossen Innovation Co., Ltd. (NasdaqCM:OSN) for $8.9 million on July 8, 2016. Liang Tang will acquire all of the equity of Ossen Innovation Materials Group Co., Ltd., in exchange for the forfeiture and cancellation of all 11.85 million ordinary shares of Ossen Innovation Co., Ltd. currently held by Liang Tang. Liang Tang entered into a share purchase agreement to acquire Ossen Innovation Materials Group Co., Ltd. from Ossen Innovation Co., Ltd. (NasdaqCM:OSN) on July 19, 2017. In a related deal, America-Asia Diabetes Research Foundation entered into a non-binding letter of intent to acquire Ossen Innovation Co., Ltd. (NasdaqCM:OSN) from Liang Tang and other shareholders in a reverse merger transaction. Post consummation of the transaction and the related deal, the current shareholders of Ossen Innovation Co., Ltd, other than Liang Tang, will own approximately 8.9% of the issued and outstanding ordinary shares of Ossen Innovation Co., Ltd. The transaction is subject to due diligence investigations by the relevant parties, the negotiation and execution of definitive agreements, Ossen Innovation Co., Ltd.'s receipt of shareholder approval of the transactions and all necessary regulatory approvals, and the satisfaction of other customary closing conditions. The transaction is also subject to consummation of San Meditech acquisition and receiving a fairness opinion from Highline Research Advisors LLC by Ossen Innovation Co., Ltd.'s special committee. As on August 4, 2016, Ossen Innovation Co., Ltd.'s Board of Directors, with the unanimous agreement of all Directors, has formed a special committee of the Board consisting exclusively of independent Directors to evaluate the acquisition of Ossen Innovation Materials Group Co., Ltd. The Board of Ossen Innovation has unanimously recommended the shareholders to vote in favor of the deal. As of January 18, 2018, the deal has been approved by the shareholders of Ossen Innovation. Weitian Group LLC acted as public relations advisor for Ossen Innovation Co., Ltd. Lorraine Pao of Maples and Calder (Hong Kong) LLP acted as legal advisor to Liang Tang and Ossen Innovation Materials Group Co., Ltd. David Selengut of Ellenoff Grossman & Schole LLP acted as legal advisor to Ossen Innovation Co., Ltd. Corinthian Partners, LLC acted as financial advisor to Ossen Innovation Co., Ltd. Liang Tang cancelled the acquisition of Ossen Innovation Materials Group Co., Ltd. from Ossen Innovation Co., Ltd. (NasdaqCM:OSN) on May 4, 2018.