LOS ANGELES, Feb. 22, 2021 /PRNewswire/ -- ATIF Holdings
Limited (Nasdaq: ATIF, the "Group" or "ATIF" ), a holding
group providing business and financial consulting in Asia and North
America, has established a Special Purpose Acquisition
Company ("SPAC") Department (the "Department") and is planning
to establish a SPAC in the roles of founder, management team and
sponsor. The SPAC will fundraise through initial public offering,
then to identify private company with high growth potential as
acquisition target. The Group expects to generate substantial
returns for its shareholders by establishing SPACs and to fundraise
to acquire companies with high growth potential.
SPACs have become a huge hit among U.S. capital market because
it enables companies that meet the listing requirements to go
public very quickly. The target company will become a public
company after the completion of the SPAC acquisition, and that save
the target company a lot of tedious procedures in traditional IPO.
Acquisition process may be completed as fast as within a few
months.
In 2020, SPACs made up most of the growth in the U.S. IPO market
compared with the year 2019. According to data from
spacresearch.com, SPACs have raised US$83.4
billion in gross proceeds from 248 counts, surpassing the
record US$13.6 billion raised in 2019
from 59 counts, representing a 513% and 320% year-over-year
increase, respectively. To date in 2021, SPACs have raised
US$50.1 billion by 160 SPACs.
ATIF has extensive experience in IPO advisory services and a
thorough understanding of business in various high-growth
industries, and has provided IPO advisory services to a number of
companies in both the U.S. and China. The Group has signed several going
public consulting agreements in 2020 with an impressive track
record. Qilian International Holding Group Limited (Nasdaq:
QLI, "Qilian"), an IPO client advised by ATIF, made a strong
debut in its U.S. IPO on January 12,
2021, closing up 100% on its first day of trading, with a
market capitalization of $350
million. Qilian's price jumped 340% during the day.
Qilian is a China-based
pharmaceutical and chemical products manufacturer.
Members of the Department have extensive private equity, IPO and
M&A experience and are currently preparing and discussing with
various senior angel investors and private equity funds in relation
to collaboration and sponsorship of SPACs.
The SPAC trend has spread across the globe, with several Asian
companies targeted for acquisition. The Group offers excellent
resources to identify highly innovative and promising companies in
China and the United States.
About ATIF Holdings Limited
Headquartered in Los Angeles,
California, ATIF Holdings Limited ("ATIF") is a holding
group with asset management, investment holding and online
financial information business and provide business consulting
services to small and medium-sized enterprises in Asia and North
America. ATIF operates an internet-based financial
information service platform IPOEX.com, which provides
prestige membership services including market information, pre-IPO
education, IR media and matchmaking services between SMEs and
financing institutions. ATIF's investment holding business is to
provide going public consulting, M&A consulting and financial
consulting services to SMEs. ATIF has advised several enterprises
in China in their plans to become
publicly listed in the U.S. ATIF plans to launch securities
investment service and investment advisory in Q1 2021. For more
information, please visit https://ir.atifchina.com/.
Forward-Looking Statements
Certain statements made in this release are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this press release, the words "estimates,"
"projected," "expects," "anticipates," "forecasts," "plans,"
"intends," "believes," "seeks," "may," "will," "should," "future,"
"propose" and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantee of future performance,
conditions or results, and involve a number of known and unknown
risks, uncertainties, assumptions and other important factors, many
of which are outside the Company's control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. Important factors, among others,
are: future financial and operating results, including revenues,
income, expenditures, cash balances and other financial items;
ability to manage growth and expansion; current and future economic
and political conditions; ability to compete in an
industry with low barriers to entry; ability to continue to operate
through our VIE structure; ability to obtain additional financing
in the future to fund capital expenditures; ability to attract new
clients and further enhance brand recognition; ability to hire and
retain qualified management personnel and key employees; trends and
competition in the financial consulting services industry; a
pandemic or epidemic; and other factors listed in the Company's
annual report on Form 20-F and other documents filed with
the Securities and Exchange Commission. The Company undertakes
no obligation to update forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and the Company
cautions you that actual results may differ materially from the
anticipated results expressed or implied by the forward-looking
statements we make. You should not rely upon forward-looking
statements as predictions of future events. Forward-looking
statements represent our management's beliefs and assumptions only
as of the date such statements are made. These forward-looking
statements are made as of the date of this news release.
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SOURCE ATIF Holdings Limited