BEIJING, Nov. 29,
2024 /PRNewswire/ -- Autozi Internet Technology
(Global) Ltd. ("Autozi" or the "Company") (Nasdaq: AZI), one of the
leading and fast-growing lifecycle automotive service providers
in China, today announced that Qirun Investment Co., Ltd.
("Qirun"), one of the Company's principal shareholders wholly owned
by Dr. Houqi Zhang, the Company's founder and Chief Executive
Officer, has entered into agreements to transfer 2,000,000 shares
and 800,000 shares of Autozi's common stock to Leisure Stream
Limited and CG Summit Inc., respectively, in exchange for certain
strategic consulting services for Qirun (the "Share
Transfers").
Kingswood Capital Partners, LLC ("Kingswood"), the underwriter
of the Company's recent initial public offering, is waiving a
lock-up restriction on 2,800,000 shares held by Qirun to allow the
Share Transfers, effective on December 3,
2024. On the same date, each of Leisure Stream Limited and
CG Summit Inc. will enter into a lock-up agreement with Kingswood,
substantially similar to the terms previously agreed upon with
Qirun, under which they committed not to sell, transfer, or
otherwise dispose of, directly or indirectly, any shares of the
Company acquired through the Share Transer for a period of six
months from August 27, 2024, the date
of the final prospectus relating to our initial public offering.
The Share Transfers are expected to be completed soon.
Dr. Zhang commented, "These strategic partnerships represent a
personal commitment to exploring new opportunities that could, in
the long term, enhance Autozi's presence and capabilities in the
global market. By leveraging my personal resources to engage with
experienced consulting firms, I aim to lay the groundwork for
potential expansion into the North American market. This initiative
allows us to assess the landscape without impacting Autozi's
current operations or financial standing, ultimately aligning with
our goal of delivering value to our shareholders."
Specifically, Leisure Stream Limited agreed to provide strategic
consulting services to Qirun, including financial analysis and
market research related to the U.S. market, in exchange for
2,000,000 shares of Autozi's common stock. CG Summit Inc. agreed to
offer business development and talent acquisition services to Qirun
Investment Co., Ltd., focusing on introductions to U.S. auto parts
supply chain companies, identifying potential advisory board
members, and facilitating connections with local dealerships, in
exchange for 800,000 shares of Autozi's common stock.
About Autozi Internet Technology (Global) Ltd.
Autozi Internet Technology (Global) Ltd. is one of the leading
and fast-growing lifecycle automotive service providers
in China. Autozi, founded in 2010, provides high-quality,
affordable and professional one-stop automotive products and
services through online and offline channels nationwide. Our
business segments include (i) new car sales, (ii) auto parts and
auto accessories sales, and (iii) automotive insurance related
services. Leveraging our online supply chain cloud platform, SaaS
platforms, and the network of multiple-brand-service (MBS) stores,
we have established an ecosystem of lifecycle automotive services
by connecting automotive manufacturers, auto parts manufactures,
and insurance companies with MBS stores and various automotive
owners. For more information, visit the Company's website
at https://www.autozi.com/en/investor.
Forward-Looking Statements
All statements other than statements of historical fact in this
announcement are forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on current expectations and projections about future
events and financial trends that the Company believes may affect
its financial condition, results of operations, business strategy
and financial needs. Investors can identify these forward-looking
statements by words or phrases such as "may," "will," "expect,"
"anticipate," "aim," "estimate," "intend," "plan," "believe,"
"potential," "continue," "is/are likely to" or other similar
expressions. 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 investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and in its
other filings with the SEC.
Contact Information
The Blueshirt Group
Jack Wang
Email: Jack@blueshirtgroup.co
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SOURCE Autozi Internet Technology (Global) Ltd.