Business
ATIF Holdings Limited Announces Entry of Sale and Purchase Agreement Regarding Issued Shares of Leaping Group Co., Ltd
LOS ANGELES, Jan. 19, 2021 (GLOBE NEWSWIRE) -- ATIF Holdings Limited (Nasdaq: ATIF, the “Company”), a company providing business consulting and multimedia
About this update from Atif Holdings Limited
[{"type":"text","content":"LOS ANGELES, Jan. 19, 2021 (GLOBE NEWSWIRE) -- ATIF Holdings Limited (Nasdaq: ATIF, the “Company”), a company providing business consulting and multimedia services in Asia and North America, today announced that it entered into the Sale and Purchase Agreement regarding issued shares of Leaping Group Co., Ltd. for the disposition of Leaping Group Co., Ltd. (“Leaping”) Due to the continued impact of COVID-19 in China, the Company believes that it will take longer and additional capital for traditional entertainment and cinemas business like Leaping to recover. As previously announced, the Company has moved its headquarter in California and is transitioning to its new business model covering three major sectors: asset management, investment holding and media services. The management of the Company believes that the Company no longer has synergy with Leaping with its cinema advertising and cinema operation business. The Company and the management of Leaping also have different view of Leaping’s future business direction. On January 14, 2021, the Company entered into the Sale and Purchase Agreement Regarding Issued Shares of Leaping Group Co., Ltd. (the \"Agreement”) with the substantial shareholders of Leaping, Jiang Bo, Jiang Tao and Wang Di (collectively the “Buyer”). Pursuant to the Agreement, the Company will sell 10,217,230 ordinary shares of Leaping in exchange for (i) 5,555,548 ordinary shares of the Company owned by the Buyers, and (ii) payment by the Buyers in the amount of US$2,300,000 plus interest at an interest rate of 10% per annum on the unpaid amount if the principal amount of US$2,300,000 is not paid by January 14, 2022. All principal and accrued and unpaid interest shall be due on January 14, 2023. After completion of the transaction, the Company shall no longer hold any shares of Leaping and Leaping shall no longer be subsidiary of ATIF. About ATIF Holdings LimitedHeadquartered in Los Angeles, California, ATIF Holdings Limited (\"ATIF\") is a holding group with asset management, investment holding and media services sectors and provide business consulting services to small and medium-sized enterprises in Asia and North America, including going public consulting services, international business planning and consulting services, and financial media services. ATIF operates an internet-based financial consulting servi...