Business
Bon Natural Life Limited Announces Corporate Reorganization and Removal of VIE Structure
XI'AN, China, Nov. 9, 2021 /PRNewswire/-- Bon Natural Life Limited (Nasdaq: BON) ("BON" or the "Company"), one of the leading bio-ingredient solutions
About this update from Bon Natural Life Limited
[{"type":"text","content":" XI'AN, China, Nov. 9, 2021 /PRNewswire/-- Bon Natural Life Limited (Nasdaq: BON) (\"BON\" or the \"Company\"), one of the leading bio-ingredient solutions providers in the natural, health and personal care industries, today announced it has removed its variable interest entity (\"VIE\") structure and has become the sole shareholder of its operating entities in China.\nEffective November 1, 2021, the Company reorganized its corporate subsidiary structure in China. As a result of the restructuring, the Company no longer operates through a VIE structure and is now the indirect sole shareholder of Xi'an App-Chem. Xi'an App-Chem is now wholly-owned by the Company's two Wholly Foreign-Owned Enterprises (\"WOFE\") – Xi'an Cell and Molecule Information and Technology Co., Ltd. (\"Xi'an CMIT\") and Xi'an Youpincui Biotechnology Co., Ltd. (\"Xi'an Youpincui\"). Each of the WOFEs are in turn wholly-owned by Tea Essence, the Company's direct wholly-owned subsidiary in Hong Kong.\n\"We don't expect that the removal of the VIE structure will have any material impact on our operational results or financial performance.\" commented Richard (Yongwei) Hu, Chairman and CEO of Bon Natural Life Limited, \"In the meantime, this reorganization demonstrates our dedication and commitment to corporate governance and will help strengthen the organization in advance of key upcoming milestones. We will continue to identify and implement best practices at both business and compliance levels to better position ourselves to benefit our shareholders.\"\nAbout Bon Natural Life Limited\nThe Company focuses on the manufacturing of personal care ingredients, such as plant extracted fragrance compounds for perfume and fragrance manufacturers, natural health supplements such as powder drinks and bioactive food ingredient products mostly used as food additives and nutritional supplements by their customers. For additional information, please visit the Company's website at www.bnlus.com. \nSafe Harbor Statement\nThis press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Compa...