AGM Group Holdings Inc. (“AGM Holdings” or the “Company”) (NASDAQ: AGMH), a software company focusing on fintech software, trading education software, website service and accounting and ERP software, today announced that its indirectly wholly owned subsidiary, Beijing AnGaoMeng Technology Service Co., Ltd. (“AGM Beijing”), has entered into a Non-binding Memorandum of Understanding (the “Non-binding MOU”) with Beijing Hieason Technology Co., Ltd. (“Beijing Hieason”) to establish strategic cooperation in smart commercial advertising screens. Through strategic cooperation, the parties strive to become a leading smart commercial advertising service agency in China within three years.
Established on May 30, 2014, Beijing Hieason is a high-tech enterprise. Its main technologies and business products include research and development of artificial intelligence computing visual recognition technology algorithm, optical field imaging technology, AR / VR, and 5G data application. Its products are widely applied in various governments and industries.
Pursuant to the Memorandum of Understanding, Beijing Hieason agrees to transfer its intellectual property rights and intangible assets in connection with the smart screens to “Anxun Union”, a new or existing company to be designated by both parties. AGM Beijing agrees to acquire the equity interest of Anxun Union by cash and by causing AGM Holdings to issue its Class A ordinary shares.
The Non-binding MOU does not create an obligation on the part of either party to consummate any transaction. The proposed transaction is subject to a definitive agreement to be negotiated between the two parties, conditioned upon further financial and legal due diligence and approval of the Company’s Board of Directors, as well as other customary closing conditions. There is no assurance that any transaction will be concluded.
SOURCE AGM Group Holdings Inc.