BEIJING, Nov. 29, 2024 — Autozi Internet Technology (Global) Ltd. (“Autozi” or the “Company”) (Nasdaq: AZI), a leading, rapidly expanding automotive service provider in China, announced that Qirun Investment Co., Ltd. (“Qirun”), a principal shareholder fully owned by Dr. Houqi Zhang, the Company’s founder and CEO, has agreed to transfer 2,000,000 and 800,000 shares of Autozi common stock to Leisure Stream Limited and CG Summit Inc., respectively, in exchange for strategic consulting services for Qirun (the “Share Transfers”).
Kingswood Capital Partners, LLC (“Kingswood”), the underwriter for Autozi’s recent IPO, is lifting a lock-up restriction on 2,800,000 shares held by Qirun, enabling the Share Transfers, effective December 3, 2024. On that date, Leisure Stream Limited and CG Summit Inc. will each sign a lock-up agreement with Kingswood, mirroring Qirun’s terms, promising not to sell or transfer shares acquired through the Share Transfers for six months from August 27, 2024 (the initial public offering’s final prospectus date). The Share Transfers are anticipated to conclude shortly.
Dr. Zhang stated, “These strategic partnerships reflect a personal commitment to exploring new opportunities that could enhance Autozi’s global presence. By using personal resources to work with experienced consulting firms, I aim to prepare for potential North American expansion. This lets us evaluate the market without impacting Autozi’s current operations or finances, aligning with our goal of shareholder value creation.”
Leisure Stream Limited will provide strategic consulting services to Qirun, including U.S. market financial analysis and market research, in exchange for 2,000,000 shares of Autozi common stock. CG Summit Inc. will offer business development and talent acquisition services to Qirun, focusing on introductions to U.S. auto parts suppliers, identifying potential advisory board members, and connecting with local dealerships, receiving 800,000 shares of Autozi common stock in return.
About Autozi Internet Technology (Global) Ltd.
Autozi Internet Technology (Global) Ltd. is a leading, rapidly growing provider of automotive lifecycle services in China. Founded in 2010, Autozi offers high-quality, affordable, professional one-stop automotive products and services through online and offline channels nationwide. Our business segments include (i) new car sales, (ii) auto parts and auto accessories sales, and (iii) automotive insurance related services. Using our online supply chain cloud platform, SaaS platforms, and network of multiple-brand-service (MBS) stores, we’ve built an automotive lifecycle services ecosystem connecting manufacturers, parts suppliers, and insurance companies with MBS stores and car owners. For more information, visit the Company’s website at .
Forward-Looking Statements
All statements in this announcement, except for historical facts, are forward-looking statements. These statements involve known and unknown risks and uncertainties, and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these statements by words like “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or similar expressions. The Company isn’t obligated to update forward-looking statements to reflect subsequent events or changes in expectations, except as legally required. While the Company believes these expectations are reasonable, it cannot guarantee their accuracy, and cautions investors that actual results may differ materially. Investors should review other factors that may affect future results in the Company’s registration statement and other SEC filings.
Contact Information
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SOURCE Autozi Internet Technology (Global) Ltd.
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