Ann: Yibin Tianyi Withdraw FIRB Application, page-150

Hoots if you understood the conditions of the Placement, it was a binding deal subject only to conditions precedent. All conditions except for FIRB approval and then Chinese approval were met.

Yibin were locked in if FIRB and then subsequent Chinese approvals were given.

Yibin did not bail.

Yibin were prevented from completing a deal they were bound to by the decision of FIRB to not approve the transaction.

Thems the facts.