Lion Announces Sponsorship of a SPAC Company, Cooperating with Two Other Parties
Lion Group Holding Ltd. (NASDAQ: LGHL) announced a partnership to create a SPAC, Skyline I Acquisition Corp., alongside Constant Epoch Technology Development and Ruoxi Ltd. This collaboration signals Lion's intent to leverage its experience from prior SPAC activities, aiming for successful acquisitions in the innovative technology sector. CEO Wilson Wang will lead Skyline I as CEO and Director. With a focus on Chinese investors, Lion continues to expand its operations through strategic alliances in financing and technology.
- Formation of Skyline I Acquisition Corp. through partnership with reputable firms.
- Leverage of prior SPAC experience to identify high-quality acquisition targets.
- Potential risks associated with maintaining NASDAQ listing post-acquisition.
- Uncertainties in recognizing anticipated benefits from the business combination.
HONG KONG, March 1, 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 that one of its subsidiaries, Lion Wealth Management Limited, will cooperate with Constant Epoch Technology Development Limited ("Constant Epoch), an investment and R&D company focusing on innovative technology sector, and Ruoxi Ltd. ("Ruoxi"), a company holding various investments in internet, technology, finance, healthcare and other industries, to form a SPAC company -- Skyline I Acquisition Corp.
Constant Epoch is an investment and R&D company, founded by senior technology innovation professionals and investment bankers who are focused on innovative, growth-oriented technology enterprises in the United States and Asia. Ruoxi is an investment holding company and was founded by the former co-founder of Meituan, Mr. Jun Yang. Mr. Jun Yang has participated in the founding of many well-known Internet companies such as Renren and Fanfou.
"This SPAC sponsorship represents a great opportunity for Lion to cooperate with Constant Epoch and Ruoxi, two highly reputable companies with a track record of successful investments," Mr. Chunning (Wilson) Wang, Chief Executive Officer of Lion, commented. "Having gone public via a SPAC vehicle, Lion has an extensive understanding of SPAC transactions, which compliments the background, experience, resources and connections that Constant Epoch and Ruoxi collectively have in the technology investment field. With these advantages, I believe we are able to identify a high-quality acquisition target for the SPAC and further consolidate Lion's value in the capital market."
Mr. Wilson (Chunning) Wang, CEO of Lion, will be the CEO and Director of Skyline I Acquisition. Mr. Yipeng Huang, co-founder and CFO of Constant Epoch, will serve as a Director of Skyline I Acquisition. Mr. Jun Yang, founder and board chairman of Ruoxi, will also serve as a Director of Skyline I Acquisition.
Maxim Group LLC and Loeb & Loeb LLP are acting as the underwriter and attorney for this transaction, respectively.
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 exhaustive. 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
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SOURCE Lion Group Holding Ltd.
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