Lion Announces New SPAC Company, Plans for Future Deals
Lion Group Holding Ltd. (NASDAQ: LGHL) announced the formation of a second SPAC, Aquarius I Acquisition Corp., in partnership with Maxim Group LLC and Loeb & Loeb LLP. This follows the creation of Skyline I Acquisition Corp. and is part of Lion's strategy to develop SPAC sponsorship as a key business segment. The company aims to build a dedicated SPAC sponsorship team and support private companies in their public listings, leveraging their extensive connections in various Asian industries. CEO Chunning Wang emphasized the potential to create value for Lion and its shareholders through this initiative.
- Formation of a second SPAC (Aquarius I Acquisition Corp.) indicating strong business growth strategy.
- Plans to build a dedicated SPAC sponsorship team to enhance operational capabilities.
- Potential to assist quality private companies in going public, generating value for shareholders.
- Significant risks associated with forward-looking statements, including potential disruption of current operations and challenges in managing growth profitably.
- Dependence on maintaining NASDAQ listing post-acquisition could introduce instability.
HONG KONG, March 8, 2021 /PRNewswire/ -- Lion Group Holding Ltd. ("Lion" or "the Company") (NASDAQ: LGHL), operator of an all-in-one trading platform that offers a wide spectrum of products and services with a focus on Chinese investors, today announced it signed engagement letters with Maxim Group LLC and Loeb & Loeb LLP to form a second SPAC company, Aquarius I Acquisition Corp.
This news follows Lion's recent announcement of its forming a SPAC company Skyline I Acquisition Corp. through its subsidiary Lion Wealth Management Limited, in cooperation with Constant Epoch Technology Development Limited and Ruoxi Ltd..
Lion intends to evolve and develop SPAC sponsorship into a key business segment with plans to sponsor at least one more SPAC by the end of 2021. The Company intends to build a professional SPAC sponsorship team and become a leader in the industry.
Mr. Chunning (Wilson) Wang, Chief Executive Officer of Lion, commented: "As one of the first SPACs to originate from the Asia region, Lion has firsthand experience with SPAC mergers and sufficient financial resources. Our board and management team have broad connections in various industry circles in Asia, such as internet technology, software, fintech, and other areas. Lion is able to select good-quality, private companies that intend to go public and assist them in their listing journey, which will also create value for Lion and our shareholders."
About Lion
Lion Group Holding Ltd. (NASDAQ: LGHL) operates an all-in-one trading platform that offers a wide spectrum of products and services with a focus on Chinese investors. Through its state-of-the-art technology, Lion offers contract-for-difference (CFD) trading, insurance brokerage, futures brokerage, and securities brokerage on its platform, which can be accessed through applications available on the iOS, Android, Windows, and macOS systems. Lion's customers are well-educated and affluent Chinese individual investors residing both inside and outside the PRC as well as institutional clients in Hong Kong. Additional information may be found at http://ir.liongrouphl.com.
Forward-Looking Statements
This press release contains, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Lion's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Lion's expectations with respect to future performance and anticipated financial impacts of the Business combination, the satisfaction of the closing conditions to the business combination and the timing of the completion of the business combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of Lion and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability to maintain the listing of the post-acquisition company's ADSs on NASDAQ following the business combination; (2) the risk that the business combination disrupts current plans and operations as a result of the announcement and consummation of the transactions described herein; (3) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (4) costs related to the business combination; (5) changes in applicable laws or regulations; (6) the possibility that Lion may be adversely affected by other economic, business, and/or competitive factors; and (7) other risks and uncertainties to be identified in the proxy statement/prospectus relating to the business combination, including those under "Risk Factors" therein, and in other filings with the Securities and Exchange Commission ("SEC") made by Lion. Lion cautions that the foregoing list of factors is not exclusive. Lion cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Lion does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law.
Contacts
Lion Group Holding
Tel: +852 2820 9011
Email: ir@liongrouphl.com
ICR, LLC
William Zima
Tel: +1 203 682 8233
Email: ir@liongrouphl.com
View original content:http://www.prnewswire.com/news-releases/lion-announces-new-spac-company-plans-for-future-deals-301242143.html
SOURCE Lion Group Holding Ltd.
FAQ
What is the latest news about Lion Group Holding Ltd. (LGHL)?
What does Lion Group plan to achieve with its new SPAC?
When did Lion Group announce the new SPAC?
Who is involved in the formation of Lion's SPAC?
