NEW YORK, March 18, 2026 (GLOBE NEWSWIRE) -- GalaxyEdge Acquisition Corporation (NYSE: GLED, the "Company" or "GalaxyEdge"), a Cayman Islands exempted company formed as a special purpose acquisition company, today announced that it has entered into a non-binding letter of intent ("LOI") with Rongcheng Group Limited ("Rongcheng") to pursue a potential business combination.
Rongcheng is a Hong Kong-based full-cycle waste sorting solutions provider delivering integrated consulting, implementation, and training services across global markets, leveraging AI-driven sorting technologies and cross-border resource networks to optimize waste management infrastructure for government and enterprise clients.
GalaxyEdge believes the proposed transaction with Rongcheng could present an extraordinarily unique and attractive opportunity for its shareholders.
Under the preliminary, non-binding terms, the parties are exploring a potential share-for-share exchange in which GalaxyEdge would acquire 100% of the issued and outstanding equity of Rongcheng. While the structure remains subject to further negotiation and due diligence, the LOI contemplates an exchange ratio of one GalaxyEdge share for each Rongcheng common share, which would imply the issuance of approximately 35 million GalaxyEdge shares, based on a preliminary assumed value of $10.00 per share. Such valuation is for illustrative purposes only and remains subject to adjustment based on final structuring, due diligence, and definitive documentation.
The proposed transaction is expected to be subject to customary closing conditions, including regulatory approvals, shareholder approvals, and the availability of financing.
"This letter of intent represents an important first step in our strategy to bring Environmental Services / Waste Management to the public markets," said Ping Zhang, Chief Executive Officer of GalaxyEdge.
"We are very pleased to enter into this LOI with GalaxyEdge as we pursue a public market; We look forward to working closely with GalaxyEdge to evaluate this opportunity," said Chen Li, Chief Executive Officer of Rongcheng.
The transaction remains subject to, among other things, execution of definitive agreements, completion of due diligence, approval of the boards and shareholders of the respective parties (if applicable), and regulatory and other customary conditions.
Important Note Regarding the LOI
The LOI is non-binding and there can be no assurance whatsoever that a definitive agreement will be executed or that the proposed transaction will be completed on the terms described, or at all.
About Rongcheng Limited
Rongcheng is a Hong Kong-based full-cycle waste sorting solutions provider delivering integrated consulting, implementation, and training services across global markets, leveraging AI-driven sorting technologies and cross-border resource networks to optimize waste management infrastructure for government and enterprise clients.
About GalaxyEdge Acquisition Corporation
GalaxyEdge Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. GalaxyEdge is not limited to any particular industry or geographic region in identifying prospective targets.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of U.S. federal securities laws. These statements relate to, among other things, the proposed business combination, future operations, and performance. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties that could cause actual results to differ materially. No assurance can be given that the parties will enter into a definitive agreement or that the proposed transaction will be consummated as described, or at all. GalaxyEdge disclaims any obligation to update or revise any forward-looking statements to reflect events or circumstances that occur after the date of this release.
Contact
Ping Zhang
Chief Executive Officer
Email: admin@GalaxyEdgeacq.com
Tel: (212) 612-1400
