Business
Astika Holdings, Inc. Announces Acquisitions and Other Recent Business Activity; Files Supplemental Report to Remove Shell Status
Astika Holdings, Inc. Announces Acquisitions and Other Recent Business Activity; Files Supplemental Report to Remove Shell Status.
About this update from Astika Holdings, Inc.
[{"type":"text","content":"Astika Holdings, Inc. (OTC Pinks: ASKH) today announces it has acquired all ownership interest in a Chinese home goods retailer with tens of millions of dollars in gross revenues annually, while conducting other business activity, thus shedding its status as a “shell company”. Consistent with this, ASKH has notified OTC Markets, Inc. of the change in status, enabling OTC to remove the \"Shell Company\" status from the Company’s landing page on otcmarkets.com.As defined by Securities Act Rule 405 and Exchange Act Rule 12b-2, and adopted by OTC Markets, a “shell company” is defined as a company, other than an asset-backed issuer, with (1) no or nominal operations and (2) either i) no or nominal assets; ii) assets consisting of cash and cash equivalents; or iii) assets consisting of any amount of cash and cash equivalents and nominal other assets.The Company has previously reported itself as a “shell”. However, based on acquisitions and other recent business activity as described below, the Company’s operations can no longer be described as “nominal” and as such are inconsistent with the definition of a “shell company”. This being the case, the Company shall no longer be designating itself as a shell company on any filings and submitted a supplemental filing requesting that OTC Markets remove the “Shell” designation which is displayed on our information page on OTCMarkets.com.Our recent acquisitions and other business activities are summarized as follows:As of March 20, 2023, the company acquired 100% of the ownership interest in two entities: a) Nantong Pinlina International Trade Company, a Foreign Invested Enterprise incorporated under the laws of Nantong, China; and b) Gaoxing LLC, a California limited liability company organized as a Sino-US joint venture registered with the Chinese Consulate in Los Angeles, California. These two entities together own 100% of the Chinese entity Jiangsu Ziyang Holiday Bedroom Articles Co. Ltd. (“JSZY”), a home goods retailer with a substantial operating history and tens of millions of dollars in top-line revenues annually (almost $20 million in net revenue during 2022 alone).In addition to the material ongoing operations these acquisitions represent, ASKH entered into a direct management contract with JSZY, wherein ASKH is to provide global financial markets consulting ...