ATIF Holdings Limited Announces Completion of the Acquisition of a Controlling Interest in Leaping Group Co., Ltd.
ATIF Holdings Limited - Ordinary Shares (ATIF)
Company Research
Source: GlobeNewswire
Shenzhen, China, April 23, 2020 (GLOBE NEWSWIRE) -- ATIF Holdings Limited (Nasdaq: ATIF), a company providing business consulting services to small and medium-sized enterprises in Asia, today announced that it has successfully completed the previously announced acquisition of approximately 51.2% of the issue and outstanding ordinary shares of Leaping Group Co., Ltd. (“LGC”). The transaction was completed pursuant to the (i) Debt Conversion and Share Purchase Agreement dated as of April 8, 2020 (the “Debt Conversion SPA”) among ATIF and LGC, and (ii) the Share Exchange Agreement dated as of April 8, 2020 (the “Share Exchange Agreement”) by and among ATIF, LGC, and all of the shareholders of LGC (the “Sellers”). Under the terms of the Debt Conversion SPA, LGC issued 3,934,029 of its ordinary shares to ATIF in exchange for (i) the satisfaction of the outstanding debt owed to ATIF in the amount of US$1,851,000, and (ii) the issuance of 2,800,000 ordinary shares of ATIF to LGC. Concurre
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