China Yibai United Guarantee International Holding Inc. (OTCMKTS:CBGH) Declares Record Date for Finalizing Transaction to Acquire TidyCall Inc.
China Yibai United Guarantee International Holding Inc. (OTCMKTS:CBGH) is listed on the OTC Pink Tier for public trading. It is involved in conducting business for many industries, which include biotechnology and pharmaceutical products, dietary and nutritional supplements, etc. via its wholly-owned subsidiaries.
Market Stats
On Tuesday, CBGH stock ended flat at $0.0298 with more than 131K shares, compared to its average volume of 16K share. The stock moved within a range of $0.0298 – 0.0298 after opening trading at $0.0336.
China Yibai United Guarantee International Holding Inc. Sets Record Date for Completion of Transaction to Acquire TidyCall Inc.
China Yibai United Guarantee International Holding Inc. (CBGH) has announced that its Board of Directors has set July 1, 2022, as its shareholder record date. It is connected with the completion of its proposed share exchange transaction, pursuant to which the shareholders of CBGH will acquire 100% of the issued and outstanding shares of TidyCall Inc.
Based in Ontario, Canada, TidyCall Inc. has executed a definitive Share Exchange Agreement with CBGH, as announced before. As per the Agreement, shareholders of record of CBGH and TidyCall will take part in the share exchange on July 1, 2022.
Pursuant to the transaction, and after giving effect to a reverse stock split (whereby for every ten shares of CBGH immediately prior to the split, the holders will own one share immediately following it) the current total outstanding common shares of 362,710,696 will become 36,271,070 shares, representing 10% of the total outstanding. An aggregate of 272,033,022 fresh, restricted shares of CBGH common stock will be issued in exchange for all shares of TidyCall common stock issued and outstanding as of the Closing, causing TidyCall to become the 75% controlling shareholder of CBGH.
As per the Exchange Agreement, CBGH is also set to issue 54,404,606 shares of its restricted common stock to certain individual affiliates of the Corporation. It will account for 15% of the total number of shares of CBGH common stock issued and outstanding following completion of the Share Exchange. Total amount of issued and outstanding common shares at Closing will remain 362,710,696. An additional 6,000,000 shares of restricted CBGH common stock will be issued upon the conversion of Convertible Promissory Notes which are currently outstanding, after Closing.
Anticipating the Closing of this transaction, Mr. Minle (Millo) Zeng has resigned as Chief Executive Officer, President, Treasury and Secretary of CBGH. However, he retains his position as a Director on the Board of Directors at CBGH.
Traders Corner
CBGH stock is trading below the 20-Day and 50-Day Moving averages of $0.0372 and $0.0520 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0748.