Autozi Internet Technology Moves Forward with Strategic Share Transfers

Autozi Internet Technology's Recent Developments

Autozi Internet Technology (Global) Ltd. (Nasdaq: AZI), recognized as one of the premier lifecycle automotive service providers in China, has embarked on significant steps to enhance its strategic position in the market. With a focus on growth and development, the company is making waves with a recent announcement that indicates a forward-thinking approach.

Share Transfers to Enhance Strategic Partnerships

The company revealed that its significant shareholder, Qirun Investment Co., Ltd., which is entirely owned by the founder and CEO, Dr. Houqi Zhang, is proceeding with share transfers totaling 2,800,000 shares of its common stock. These transfers are directed towards Leisure Stream Limited and CG Summit Inc., which are engaged to provide crucial consulting services.

Details of the Share Transfer Agreements

As part of these agreements, Leisure Stream Limited will receive 2,000,000 shares in exchange for providing strategic consulting services focused on financial analysis and market research within the U.S. automotive sector. Additionally, CG Summit Inc. is set to obtain 800,000 shares for delivering business development and talent acquisition services, aiming to enhance Qirun's connections within the U.S. auto parts industry.

Waiver of Lock-Up Restrictions

To facilitate these transfers, Kingswood Capital Partners, the underwriter for Autozi's initial public offering, has waived the lock-up restriction that applied to these shares. This waiver is expected to take effect imminently, allowing for a smoother transition and enabling Qirun to solidify its consulting partnerships.

Comments from Leadership

Dr. Zhang expressed his enthusiasm for these strategic partnerships, emphasizing how they represent his commitment to exploring new market opportunities. He indicated that leveraging personal resources to work with experienced consultants could fortify Autozi's standing in the global marketplace. This proactive initiative aims to assess the conditions of potential expansion into the North American market without disrupting the company's existing operations or financial health.

About Autozi Internet Technology

Founded in 2010, Autozi Internet Technology (Global) Ltd. has quickly risen to prominence as a leading service provider in China's automotive sector. The company specializes in a wide array of services, including new car sales, auto parts sales, and automotive insurance. By employing a robust online supply chain cloud platform alongside multiple-brand-service stores, Autozi has successfully crafted a comprehensive ecosystem that connects manufacturers, insurance services, and automotive owners, ensuring high-quality and affordable solutions nationwide.

Frequently Asked Questions

What recent announcement has Autozi made?

Autozi announced a strategic share transfer involving 2,800,000 shares to enhance consulting partnerships with Leisure Stream Limited and CG Summit Inc.

Who is the CEO of Autozi Internet Technology?

Dr. Houqi Zhang serves as the company's founder and Chief Executive Officer.

What services will Leisure Stream Limited provide?

Leisure Stream Limited will offer financial analysis and market research services focused on the U.S. automotive industry.

What is the goal of the share transfers?

The share transfers aim to secure strategic partnerships to facilitate Autozi's potential expansion into the North American market.

How does Autozi connect different stakeholders in the automotive industry?

Autozi utilizes a cloud platform and multiple-brand-service stores to connect manufacturers, suppliers, and insurance companies with automotive owners, creating a comprehensive service ecosystem.

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