Tian Ruixiang subsidiary to acquire Peak Consulting Services for $1.5M

TIAN RUIXIANG Holdings announced that TRX HongKong Investment has entered into a sale and purchase agreement to acquire Peak Consulting Services from Yuefu Company, the sole shareholder of the Target. The Target is a licensed insurance brokerage in Hong Kong. This strategic acquisition represents a milestone in the Company’s business to expand into the Hong Kong insurance brokerage market. Pursuant to the SPA, the proposed acquisition is conditioned upon, among other things, the completion of a satisfactory diligence review of the Target by TRX HongKong prior to the consummation of the Acquisition. The total consideration for the Acquisition is $1.5 million, to be paid in 3,472,222 of the Company’s Class A ordinary shares, which was calculated based on $0.432 per share, equivalent to 80% of the closing price of $0.54 per share on January 31, 2024, on NASDAQ. Upon the consummation of the Acquisition, the management of TRX HongKong will work closely with the management of the Target to aim for a seamless integration of operations in an effort to deliver enhanced value propositions to insurance clients in the Hong Kong market.