- The stock price of ATIF Holdings Ltd (NASDAQ: ATIF) increased by over 50% during intraday trading. This is why it happened.
The stock price of ATIF Holdings Ltd (NASDAQ: ATIF) — a holding group providing business and financial consulting in Asia and North America — increased by over 50% during intraday trading as it went from a previous close of $1.55 to a day high of $2.34. Investors are responding to ATIF Holdings announcing it has established a special purpose acquisition company (SPAC) Department and is planning to establish a SPAC in the roles of founder, management team, and sponsor.
The SPAC will fundraise through an initial public offering, then identify private company with high growth potential as an acquisition target. And the group expects to generate substantial returns for its shareholders by establishing SPACs and to fundraise to acquire companies with high growth potential.
ATIF has extensive experience in IPO advisory services and a thorough understanding of business in a wide range of high-growth industries. And they have provided IPO advisory services to a number of companies in both the U.S. and China.
The Group has signed several going public consulting agreements last year with an impressive track record. And Qilian International Holding Group Limited, an IPO client advised by ATIF, made a strong debut in its U.S. IPO on January 12, 2021, closing up 100% on its first day of trading with a market capitalization of $350 million. And Qilian’s price jumped 340% during the day. Qilian is known as being a China-based pharmaceutical and chemical products manufacturer.
Members of the Department have extensive private equity, IPO, and M&A experience. And they are currently preparing and discussing with various senior angel investors and private equity funds in relation to collaboration and sponsorship of SPACs.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.