ATIF Holdings signs non-binding LOI to acquire Mask Global Market

* ATIF (NASDAQ:ZBAI [https://seekingalpha.com/symbol/ZBAI]) said on Wednesday it has entered into a non-binding letter of intent (LOI) to acquire 100% equity of Mask Global through the issuance of ZBAI Class A ordinary shares to the current Mask Global shareholders.
* According to the terms of the LOI, ZBAI plans to acquire all issued shares of Mask Global in exchange for certain amount of ZBAI Class A Ordinary Shares to be determined based on the parties ongoing due diligence, the audited financial statements of Mask Global and the parties' negotiation.
* Management expects the parties can enter into definitive agreement within 60 days from the date of the LOI, assuming satisfactory due diligence and the Mask Global’s audited financial statements are available.
* The LOI stipulates a 60-day exclusivity period, during which neither party shall engage in negotiations with any third party regarding similar transactions.
* The parties will also take into consideration a Valtech’s 2023 evaluation report, where Mask Global was evaluated at a between $450 million and $550 million.
* ZBAI +36.46% after hours to $14.97.
* Source: Press Release [https://seekingalpha.com/pr/20236395-atif-holdings-limited-enters-into-non-binding-letter-of-intent-to-acquire-mask-global-market]

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* Financial information for ATIF Holdings [https://seekingalpha.com/symbol/ZBAI/income-statement]