Los Angeles, California, March 9, 2021 -- ATIF Holdings Limited (Nasdaq: ATIF, “ATIF” or “We”), a holding group providing business and financial consulting in Asia and North America, today announced that on March 1, 2021, the Board of Directors approved the cancellation of 5,555,548 ordinary shares, more than 10.8% of current outstanding shares. As a result, ATIF’s outstanding share count decreased from 51,362,500 shares to 45,806,952 shares.
The 5,555,548 ordinary shares were repurchased, subsequently unissued and held as treasury shares in relation to the Leaping Group Co, Ltd. transaction completed in February of 2021.
“We are looking at all strategic initiatives as businesses around the world emerge from the pandemic,” said Pishan Chi, Chief Executive Officer of ATIF, “The transition of our business model and exit of Leaping Group Co., Ltd. reflects our ability to adapt to changing environments. Our first step towards enhancing shareholder value is disposing of a business which is anticipated to require an extended period of recovery time and reducing our outstanding shares. We are confident in our ability to execute on recently announced business plans and commence our asset management segment to further generate shareholder returns.”