GNC Holdings, Inc. announced that its stockholders approved the Company’s proposal to issue convertible preferred shares to Harbin Pharmaceutical Group Holdings Co., Ltd. in connection with Hayao’s $300 million strategic investment in the Company at the Company’s Special Meeting of Stockholders, which reconvened on May 17, 2018.
An aggregate of 44,121,445 shares, representing a majority of the shares outstanding and over 94% of the votes cast at the Special Meeting, were voted in favor of the Share Issuance Proposal.
The transaction is subject to customary closing conditions, including receipt of all necessary regulatory and governmental approvals, and is expected to close in the second half of 2018.
GNC Holdings, Inc. – Headquartered in Pittsburgh, PA – is a leading global specialty health, wellness and performance retailer.
GNC connects customers to their best selves by offering a premium assortment of heath, wellness and performance products, including protein, performance supplements, weight management supplements, vitamins, herbs and greens, wellness supplements, health and beauty, food and drink and other general merchandise. This assortment features proprietary GNC and nationally recognized third-party brands.
GNC’s diversified, multi-channel business model generates revenue from product sales through company-owned retail stores, domestic and international franchise activities, third-party contract manufacturing, e-commerce and corporate partnerships. As of March 31, 2018, GNC had approximately 8,900 locations, of which approximately 6,700 retail locations are in the United States (including approximately 2,400 Rite Aid franchise store-within-a-store locations) and franchise operations in approximately 50 countries.
About Harbin Pharmaceutical Group Holding Co., Ltd.
Harbin Pharmaceutical Group Holding Co., Ltd.– Headquartered in Harbin City Heilongjiang Province, China – is one of the leading pharma and VMS companies in China. Hayao has a broad portfolio of OTC (Over-The-Counter), Rx (prescription) and VMS products, and is also engaged in pharma distribution and retail pharmacy businesses. Hayao has many nationally renowned brands that have very high consumer awareness including “San Jing”, and command leading market share in the mineral supplements category.
Hayao has access to an extensive distribution and retailing network by directly operating more than 300 chain retail pharmacies and collaboration with around 800 drug and VMS distributors to build nation-wide coverage.