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IPC's Chinese robot deal collapses
The acquisition would have marked IPC’s first foray into AI.
IPC Corp’s acquisition of 51% equity interest in Beijing iJourney Technology Development Co. at an issue price of $0.40 per share, have broken down.
Beijing iJourney Technology is a robot manufacturing company that has gained popularity for its butler robots that have been launched across various cities in China.
The planned acquisition, which was announced on September 18, would have marked IPC’s first foray into artificial intelligence (AI) business.
Moreover, IPC’s planned disposal of Grand nest HOTEL Zhuhai to Xinyuan Real Estate Co. have also fallen through.
No further details were disclosed as to the reason of the deal lapse.
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