Sunshine Green Land Corp. entered into a Non-Binding Letter of Intent to acquire Sino Green Land Corporation for approximately $220 million in a reverse merger transaction.

Sunshine Green Land Corp. entered into a Non-Binding Letter of Intent to acquire Sino Green Land Corporation (OTCPK:SGLA) for approximately $220 million in a reverse merger transaction on March 1, 2023. SGLA would acquire all of the issued and outstanding securities of Sunshine in exchange for 142,853,004 shares of the Company?s common stock, and 15,872,556 shares of the Company?s convertible preferred stock.

The convertible preferred stock will have a conversion ratio of 10, i.e., each share of convertible preferred stock can be converted into 10 shares of the Company?s common stock. Completion of the transaction is subject to the completion of due diligence, the negotiation of a definitive agreement and employment agreements, approval of the transaction by SGLA?s board of directors, and all applicable state and federal law. As of November 14, 2023, the transaction has not closed.