Ex-Construction Firm That Bought a $75m Michelangelo to Delist
(Bloomberg) -- A Chinese construction firm-turned-art-collector will be delisted from the Nasdaq effective Friday, following a 260 percent run-up in its stock price this fall.
Shares in Yulong Eco-Materials Ltd. soared after the company agreed to buy the “Millennium Sapphire” for $50 million in October and a “Crucifixion” painting for $75 million in November. The firm was formerly a “vertically integrated manufacturer of eco-friendly building products located in the city of Pingdingshan in Henan Province, China," according to a company filing.
The stock jumped by as much as 48 percent today after Yulong closed its acquisition of the masterpiece. Shares will continue to trade over the counter under the same symbol, according to Bloomberg data.
Yulong Eco-Materials didn’t immediately respond to a phone message and email seeking comment.
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