PSI Group Holdings Ltd entered into an agreement to acquire AIB Acquisition Corporation (NasdaqGM:AIB) for approximately $230 million in a reverse merger transaction on December 27, 2023. The aggregate merger consideration amount to be paid to the shareholders of the AIB Acquisition is $200,000,000 and will be paid entirely with newly issued ordinary shares of combined company, with each share valued at $10 (the ?Per Share Price?). The transaction is subject to approval by board of directors of both parties, regulatory approvals, AIB having at least $5,000,001 in net tangible assets as of the Closing, after giving effect to the completion of the Redemption and any private investment in public entity (PIPE) financing that has been funded, amendment by the shareholders of the AIB of the AIB?s memorandum and articles of association, the effectiveness of the Registration Statement, appointment of the post-closing directors, the ancillary documents duly executed and approved, Nasdaq listing requirements having been fulfilled and the approval by AIB's shareholders.

The boards of directors of both PSI and AIB have unanimously approved the transaction. The transaction is expected to close in the first quarter of 2024. China & Partners acted as financial advisor to PSI.

Maxim Group LLC acted acted as financial advisor to AIB. Will H. Cai of Cooley LLP acted as legal advisor and Ogier acted as legal advisor to PSI. Barry I. Grossman of Ellenoff Grossman & Schole LLP acted as legal advisor, Yin Xu & Co.

acted as legal advisor and Collas Crill acted as legal advisor to AIB.