ATIF Holdings Congratulates Its Client Addentax Group Corp. on Its Uplist to Nasdaq, Raising $25 Million

Rhea-AI Summary

ATIF Holdings Limited (Nasdaq: ATIF) announced that its client, Addentax Group Corp. (Nasdaq: ATXG), successfully uplisted to the Nasdaq Capital Market on August 31, 2022. Addentax, focusing on garment manufacturing and logistics, raised approximately $25 million through an underwritten public offering of 5 million shares priced at $5 each. On its debut, Addentax opened at $27.00 and closed at $656.54, marking a significant 13,031% increase and a market cap of $20.8 billion. ATIF played a crucial advisory role since Addentax's OTC listing in 2016. Jun Liu, ATIF's CEO, expressed optimism for Addentax's future performance.

Positive

• Addentax's successful uplisting to Nasdaq increases visibility and credibility in the market.
• The strong debut of Addentax, with shares opening at $27.00 and closing at $656.54, indicates high investor interest and confidence.
• ATIF's advisory role contributes positively to its reputation and showcases its expertise in IPO advisory services.

Negative

• None.

ATIF Provided OTC Listing Advisory Services to Addentax in 2016

IRVINE, Calif., Sept. 2, 2022 /PRNewswire/ -- ATIF Holdings Limited (Nasdaq: ATIF) (the "Company," or "We"), a holding company providing business and financial consulting services in Asia and North America, is pleased to announce that its client, Addentax Group Corp. (Nasdaq: ATXG, "Addentax"), whose common stocks was traded on OTC Markets, has been approved to list on Nasdaq Capital Market and made a strong debut on August 31, 2022. 

Addentax is an integrated service provider focusing on garment manufacturing, logistics service, property management and subleasing, and epidemic prevention supplies. It announced the pricing of an underwritten public offering (the "Offering") of 5,000,000 shares of its common stock at a price to the public of $5.00 per share, for total gross proceeds of approximately $25 million, before deducting underwriting discounts and other related expenses. 

On its first day of trading on August 31, 2022, Addentax opened at $27.00 and closed the day at $656.54, a 13,031% jump from the offering price $5.00 with a market cap of $20.8 billion.

Jun Liu, President, Chairman of the Board, and CEO of ATIF, commented, " We are excited to hear the news and we congratulate Addentax on its successful uplist to Nasdaq! It takes professionalism and patience to nurture a company. We served as a advisor to Addentax on its OTC listing in 2016 and today it finally made its debut on Nasdaq. Moreover, Addentax shows its strong performance on its first day of trading, and its market capitalization has soared 130 times on its closing day. I sincerely hope that with the boost of the market, Addentax will make further achievements and continue its good performance!"

About ATIF Holdings Limited

ATIF Holdings Limited ("ATIF") is a holding group with business consulting, asset management, and investment businesses, with offices in Los Angeles, California, Hong Kong, and Shenzhen, China. ATIF mainly provides IPO Advisory Services to small and medium-sized enterprises in Asia and North America. ATIF has advised several enterprises in China in their plans to become publicly listed in the United States. ATIF was awarded the "Top 10 Best Listed Companies 2019" from the "Golden Bauhinia Award," the highest award in Hong Kong's financial and securities industry. For more information, please visit https://ir.atifchina.com/.

To learn more about IPOEX, our financial services platform, please visit: https://www.ipoex.com/

For more information about NFTDPO, our NFT service division, please visit https://nftdpo.com/.

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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 obtain additional financing in the future to fund capital expenditures; ability to attract new clients, complete projects for 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; the occurrence of any event, change or other circumstances that could affect the Company's ability to continue successful development and launch of its NFT collection; the possibility that the Company may not succeed in developing its NFT platform and business due to, among other things, changes in the business environment, competition, changes in governmental regulation, or other economic and policy factors; the ability of the Company to continue compliance with the development of applicable regulatory regulations in connection with blockchain, digital assets and the NFT industry; the possibility that the Company's ongoing NFT services may be adversely affected by other economic, business, and/or competitive factors;  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

FAQ

What is the significance of Addentax's uplisting to Nasdaq for ATIF?

Addentax's uplisting enhances ATIF's reputation as a successful advisor, which could lead to more client engagements in the future.

How much capital did Addentax raise during its public offering?

Addentax raised approximately $25 million through its public offering.

What was Addentax's market cap after its first day of trading?

After its first day of trading, Addentax had a market cap of $20.8 billion.

What role did ATIF play in Addentax's uplisting process?

ATIF provided advisory services for Addentax's uplisting, having initially assisted with its OTC listing in 2016.

What was the percentage increase in Addentax's stock price on its debut?

Addentax's stock price increased by 13,031% from its offering price of $5.00 to close at $656.54.