ATIF Holdings signs non-binding LOI to acquire Mask Global

ATIF Holdings (ZBAI) and Mask Global, a company formed under Ontario law headquartered in Dubai which serves as a bridge connecting Web2 and Web3 by operating as a traditional cryptocurrency exchange, have entered into a non-binding letter of intent, or LOI, under which ZBAI proposes to acquire 100% equity of Mask Global through the issuance of ZBAI Class A ordinary shares to the current Mask Global shareholders. ZBAI plans to acquire all issued shares of Mask Global in exchange for certain amount of ZBAI Class A Ordinary Shares. 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. The final consideration will be determined based on the outcomes of final audits and due diligence. The parties will also take into consideration of a Valtech’s 2023 evaluation report where Mask Global was evaluated at a $450M-$550M. There can be no assurance that the definitive transaction documents will be entered into or that the proposed transaction will be consummated.