TidyCall Inc. signed a letter of intent to acquire China YiBai United Guarantee International Holding, Inc. (OTCPK:CBGH) in a reverse merger transaction on December 16, 2021. TidyCall Inc. signed a letter of intent to acquire China YiBai United Guarantee International Holding, Inc. (OTCPK:CBGH) in a reverse merger transaction for approximately $430 million on April 28, 2022. As per the transaction, the issued and outstanding common shares of TidyCall will be exchanged for China YiBai United Guarantee International Holding, Inc. shares on a 1:1 basis, after giving effect to a reverse stock split on the basis of 1:10 shares which will be completed prior to the closing.

Following the reverse stock split, an aggregate of 272,033,022 fresh, restricted shares of China YiBai United Guarantee International Holding, Inc. common Stock will be issued in exchange for the shares of TidyCall Common Stock issued and outstanding as of the closing. Under the proposed transaction, CBGH will acquire 100% of the outstanding shares of TidyCall Inc. in consideration for a controlling equity stake in CBGH. Upon finalization of this share exchange, TidyCall Inc. will be the majority shareholder of CBGH and the company name will be changed to TidyCall Inc. The acquisition is subject to due diligence by both parties, execution of a definitive share exchange agreement, and the approvals of the respective Boards of Directors of both CBGH and TidyCall Inc. The closing is expected to be completed 30 days after the LOI is signed.

As per update on June 28, 2022, Board of Directors of China Yibai United Guarantee International Holding Inc. set July 1, 2022 as record date for the transaction.