China Yibai United Guarantee International Holding Inc. Sets Record Date for Completion of Transaction to Acquire TidyCall Inc.

About this update from China Yibai United Guarantee International Holding Inc

[{"type":"text","content":"TORONTO, ON / ACCESSWIRE / June 28, 2022 / China Yibai United Guarantee International Holding Inc. (OTC PINK:CBGH) ("CBGH" or the "Company"), is pleased to announce that its Board of Directors set July 1, 2022 as its shareholder record date in connection with completing its proposed share exchange transaction, pursuant to which the shareholders of CBGH will acquire 100% of the issued and outstanding shares of TidyCall Inc. (the "Transaction").TidyCall Inc. is an Ontario, Canada corporation ("TidyCall" or "TCI"), which has executed a definitive Share Exchange Agreement with CBGH, as has been previously announced. All persons who are shareholders of record of CBGH and of TidyCall on July 1st will participate in the share exchange, in accordance with the Agreement.In anticipation of the Closing of the Transaction, Mr. Minle (Millo) Zeng resigned as Chief Executive Officer, President, Treasury and Secretary of CBGH, but remains a Director of CBGH's Board of Directors. At the same time, Willie Hsu, the President of TidyCall, was elected to serve as Chief Executive Officer, President, Treasury and Secretary of CBGH. Currently Willie Hsu and Millo Zeng are the two members of CBGH's Board of Directors.Pursuant to the Transaction, and after giving effect to a reverse stock split (whereby for every ten (10) shares of CBGH immediately prior to the split, the holders will own one (1) share immediately following it, the current total outstanding common shares of 362,710,696 will become 36,271,070 shares, representing 10% of the total outstanding, and an aggregate of 272,033,022 fresh, restricted shares of CBGH Common Stock will be issued in exchange for all shares of TidyCall Common Stock issued and outstanding as of the Closing, causing TidyCall to become the 75% controlling shareholder of CBGH. Meanwhile, CBGH will also issue 54,404,606 shares of its restricted common stock to certain individual affiliates of the Corporation according to the Exchange Agreement, which will account for fifteen percent (15%) of the total number of shares of CBGH Common Stock issued and outstanding following completion of the Share Exchange. Accordingly, the total amount of issued and outstanding common shares at "Closing" will remain 362,710,696. Following the Closing, an additional 6,000,000 shares ...

More updates from China Yibai United Guarantee International Holding Inc