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ATIF Holdings Ltd (NASDAQ:ATIF) announced Friday that as of January 31, 2025, it qualified as a "foreign private issuer" under the Securities Exchange Act of 1934. The company, based in the British Virgin Islands, stated it will begin filing required documents with the Securities and Exchange Commission as a foreign private issuer.
As outlined in a press release statement, ATIF Holdings is now exempt from certain provisions that apply to US public companies. These exemptions include the requirement to file quarterly reports on Form 10-Q and current reports on Form 8-K, sections of the Exchange Act related to the solicitation of proxies, and provisions of Regulation FD regarding selective disclosure of material information. The company is also exempt from rules requiring insiders to file public reports of stock ownership and trading activities, as well as from insider liability for profits from short-term trading.
Additionally, ATIF Holdings is permitted to follow certain home country corporate governance practices instead of some Nasdaq Stock Market requirements. This includes practices related to the composition of the board of directors and the issuance of securities, such as those equaling 20% or more of the company’s ordinary shares or voting power, those resulting in a change of control, and those issued under stock option or equity compensation plans.
The company’s Chief Executive Officer, Dr. Kamran Khan, signed the filing. All information is based on a statement provided in the company’s recent SEC filing.
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