Fulcan Capital Partners LLC made an unsolicited and non-binding acquisition proposal to acquire Newater Technology, Inc. (NasdaqCM : NEWA) for $68.6 million on February 22, 2021. Fulcan Capital Partners LLC to acquire substantially all outstanding ordinary shares of Newater Technology at a purchase price of $4.90 per share. YK Law, LLP acted as legal advisor to Fulcan Capital. Fulcan Capital Partners LLC cancelled the acquisition of Newater Technology, Inc. (NasdaqCM : NEWA) on March 8, 2021. Independent Committee has rejected the Fulcan's proposal. Upon careful consideration, on March 5, 2021, the members of the Independent Committee have unanimously concluded that the Fulcan Proposal, as currently proposed, does not constitute a superior proposal for the purpose of the agreement and plan of merger dated September 29, 2020.