0000000000-20-007486.txt : 20201016 0000000000-20-007486.hdr.sgml : 20201016 20200814131538 ACCESSION NUMBER: 0000000000-20-007486 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20200814 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: Lion Group Holding Ltd CENTRAL INDEX KEY: 0001806524 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: UNIT A-C, 33/F, TOWER A, BILLION CENTER STREET 2: 1 WANG KWONG ROAD, KOWLOON BAY CITY: HONG KONG STATE: F4 ZIP: 0000000000 BUSINESS PHONE: 852-2796-2900 MAIL ADDRESS: STREET 1: UNIT A-C, 33/F, TOWER A, BILLION CENTER STREET 2: 1 WANG KWONG ROAD, KOWLOON BAY CITY: HONG KONG STATE: F4 ZIP: 0000000000 PUBLIC REFERENCE ACCESSION NUMBER: 0001213900-20-019852 LETTER 1 filename1.pdf begin 644 filename1 M)5!$1BTQ+C4*)>+CS],*,2 P(&]B:@H\/"]4>7!E+UA/8FIE8W0O0V]L;W)3 M<&%C92]$979I8V5',Z%$;3 BU,"VEA6J % M6J %6J %6J %6J %6O ]*WOEK(,D*\X#9H:[]P]6<&19EAU+^GP>RR(B(B(B M(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B+_-A\?'^_O[V]O;Z^OKR\' MGI^?GP[$AY="%(AB43AV^=.M%A$1$1$1$9$?2,H4S\_/CX^/]_?WOP[<'=E- MR6+L]?OW[ZCAZ>GI]?5504-$1$1$1$1$+N;M[>WIZ>GAX6&_WS<"Q:]?O^[O M[^.KQW.(\K]__VZJBLJ1,EY>7M0Q1$1$1$1$1&3"Q\<'QA6_?__&K *98K_? 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M$]O%XR_C/[P\*?TGD!:._8A8ZX;=(+=-8>Z;^]=O4]I*FUILM)D:IQ]XU1U: MW^5;YF4@,30O1FEL=&5R+T9L871E M1&5C;V1E/CYS=')E86T*>)QC8&#X_Y^1@9^!@9%)DH&!B8&#@0E$,#.F'()P M64 $ V/1>2"1Q0T18V0LW GD%CYG ('__P$6K0G("F5N9'-T')E9@HR.3 TEXT-EXTRACT 2 filename2.txt United States securities and exchange commission logo August 13, 2020 Jian Wang Chairman of the Board Lion Group Holding Ltd Unit A-C, 33/F Tower A, Billion Center 1 Wang Kwong Road Kowloon Bay Hong Kong Re: Lion Group Holding Ltd Registration Statement on Form F-1 Filed August 3, 2020 File No. 333-240292 Dear Mr. Wang: We have limited our review of your registration statement to those issues we have addressed in our comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response. After reviewing any amendment to your registration statement and the information you provide in response to these comments, we may have additional comments. Registration Statement on Form F-1 filed August 3, 2020 Prospectus Cover Page, page i 1. Noting the significant proceeds to be received from the exercise of the warrants, revise to include a "Use of Proceeds" section and include the disclosures required by Regulation S- K Item 504. Selling Shareholders, page 83 2. Footnotes (1) through (3) disclose holdings of shares and warrants that appear to exceed Jian Wang Lion Group Holding Ltd August 13, 2020 Page 2 those contained in the Securities Purchase Agreement filed as Exhibit 10.1, Please revise or reconcile for the staff. In addition, revise/update Part II, Item 7. Recent Sales, as applicable. General 3. We note that you are registering 3,500,000 Class A Ordinary Shares represented by ADSs for resale by certain investors who entered into a securities purchase agreement dated August 1, 2020 and including 1,333,334 Class A Ordinary Shares issuable upon the exercise of PIPE warrants at $3.00 per ADS. We also note the number of non-affiliate shares appears to be approximately 2 million shares. Given the size of the resale offering relative to the outstanding shares of common stock held by non-affiliates, it appears that this transaction may be an indirect primary offering by or on behalf of the company. Because you do not appear to be eligible to conduct a primary offering on Form S-3, you are ineligible to conduct an at the market offering under Rule 415(a)(4). If you disagree with our analysis, tell us why you believe that you can rely on Rule 415(a)(1)(i) for this transaction, why the offering is not an indirect primary offering and provide us an analysis as to why the selling shareholders are not acting as underwriters. For guidance please refer to Question 612.09 in the Securities Act Rules section of our "Compliance and Disclosure Interpretations" available on the Commission's website and include in your response an analysis of each of the six factors outlined therein. As part of your response, please provide us the current number of shares held by non-affiliates. Note that we may have additional comments on your analysis and may request additional disclosure upon review of your response. Alternatively, please consider reducing significantly the number of shares of common stock that you are registering for resale. We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. Refer to Rules 460 and 461 regarding requests for acceleration. Please allow adequate time for us to review any amendment prior to the requested effective date of the registration statement. Please contact Jessica Livingston at 202-551-3448 or Michael Clampitt at 202-551-3434 with any other questions. FirstName LastNameJian Wang Sincerely, Comapany NameLion Group Holding Ltd Division of Corporation Finance August 13, 2020 Page 2 Office of Finance FirstName LastName