Gaokai and Quartzsea Seal Merger Agreement for Nasdaq Listing

Broadway Technology, a PET cups and lids manufacturer, has finalized a merger agreement with Quartzsea Acquisition Corporation. The merger will result in Quartzsea acquiring Gaokai, Broadway Technology's subsidiary, and listing it on the Nasdaq Global Market under the ticker symbol 'CUPS'. Shareholders of Gaokai will receive ordinary shares of Cuisine Universal Packaging Solution upon completion of the transaction. The merger has been endorsed by both companies' boards but is subject to regulatory approvals and shareholder consent.

Broadway Technology Inc. (Gaokai), a leading manufacturer of high-quality PET (polyethylene terephthalate) cups and lids, has finalized a merger agreement with Quartzsea Acquisition Corporation (Nasdaq: QSEAU, QSEA, QSEAR). The merger, which will result in Quartzsea acquiring Gaokai, is expected to list the combined entity on the Nasdaq Global Market under the ticker symbol "CUPS." The transaction has been unanimously approved by the boards of directors of both companies but is subject to regulatory approvals and shareholder consent.

Under the terms of the Merger Agreement, Quartzsea's wholly owned subsidiary, Cuisine Universal Packaging Solution, will acquire Gaokai. Upon completion of the transaction, Gaokai will become a wholly owned subsidiary of Cuisine Universal, which will subsequently be listed on the Nasdaq Global Market. Gaokai's shareholders will receive ordinary shares of Cuisine Universal, with certain shares subject to a 180-day lock-up agreement [1].

The merger aims to enhance operational capabilities and market access for both Gaokai and Cuisine Universal. Gaokai, based in Haining, China, specializes in high-quality PET cups and lids used in various packaging markets. The company's core competitive advantages include stable and high-performance raw PET materials, comprehensive upstream sheet manufacturing capabilities, advanced equipment, and automated production lines [2].

The combined company, Cuisine Universal, is expected to begin trading on Nasdaq under the ticker symbol "CUPS" after the transaction closes. The merger has been subject to regulatory and shareholder approvals, with further details to be provided through a filing with the SEC.

References:
[1] https://www.nasdaq.com/articles/broadway-technology-inc-subsidiary-gaokai-merge-quartzsea-acquisition-corporation
[2] https://www.globenewswire.com/news-release/2025/06/06/2274613/EN/GlobeNewswire-Broadway-Technology-Inc-Announces-Merger-Agreement-with-Quartzsea-Acquisition-Corporation.html