NEW YORK--(BUSINESS WIRE)--DT Asia Investments Limited (NASDAQ: CADT; CADTW; CADTU; CADTR) today announced that, at yesterday’s special meeting of shareholders, the Company’s shareholders approved the Company’s potential business combination with Adrie Global Holdings Limited, a privately-held holding company that primarily operates through its consolidated variable interest entity, Urumqi Feng Hui Direct Lending Limited (Adrie and its controlled entities, collectively, “China Lending”), pursuant to which Adrie will become a wholly-owned subsidiary of DT Asia. In connection with the special meeting of shareholders, 1,544,138 of the Company’s public shares were validly presented to the Company for redemption.

In connection with, and as a condition to, the proposed business combination, the Company had sought to raise a minimum of $12 million in a private placement of newly created Series A convertible preferred stock to certain accredited investors. As of the date hereof, the Company has only received approximately $8.6 million in subscriptions.

Following yesterday’s receipt of shareholder approval, the parties are seeking to satisfy or negotiate waivers to any remaining closing conditions to the proposed business combination, including but not limited to the requirement to have a minimum of $10 million in cash (before expenses) available at the closing from the trust funds and the shares issued in the private placement. Without receiving all waivers, no assurance can be made as to whether the proposed business combination will be consummated. If DT Asia does not consummate the private placement and business combination by the end of July 6, 2016, it will be required to dissolve and liquidate its trust account by returning the then remaining funds in such account to its then-public shareholders.

About DT Asia

DT Asia is a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, purchasing all or substantially all of the assets of, entering into contractual arrangements, or engaging in any other similar business combination with one or more businesses or entities. DT Asia’s units, ordinary shares, rights and warrants are currently listed on the Nasdaq Capital Market under the symbols “CADTU,” “CADT,” “CADTR” and “CADTW,” respectively.

About China Lending

Founded in 2009, China Lending is a non-bank direct lending corporation and provides services to micro, small and medium sized enterprises, farmers, and individuals, who are currently underserved by commercial banks in China. Headquartered in Urumqi, the capital of Xinjiang Autonomous Region, with a registered capital of $94.7 million as of March 31, 2016, China Lending is one of the largest direct lending companies in the region in terms of registered capital.