Substantially all the assets of American Software Capital, Inc. entered into an agreement to acquire Sakthi Global Holdings Ltd. (OTCPK:TKCM) in a reverse merger transaction on July 10, 2020. As per the terms, Sakthi Global issued 1.7 billion shares of Common Stock of the Sakthi Global and transfer 3.5 billion iRide Tokens in exchange of the ownership of Lukki.io website and related design codes.

Pursuant to the Asset Purchase Agreement, on July 14, 2020, Steven Knight resigned as an officer of Sakthi Global, and Peter Maddox resigned as an officer of Sakthi Global (but will remain as a director of Sakthi Global). Also, on July 14, 2020, Sakthi Global, named David Chen as Chairman, President and Chief Executive Officer; Peter Yaugh Chen as Director and Chief Financial Officer; and Xiangru Lin as Director.

The transaction is subject to due diligence review of the American Software Capital and resignation of officers and directors of Sakthi Global and American Software Capital shall appoint such executive officers and directors as designated by Sakthi Global. As a condition to the closing of the transactions contemplated in the Asset Purchase Agreement shareholders of Sakthi Global agreed to cancel an aggregate of 174.5 million shares of Common Stock of Sakthi Global, and the holders of the Sakthi Global's Series A, B, C, D and E warrants agreed to the cancellation of all such warrants. On July 14, 2020, shareholders of Sakthi Global, approved the transaction. The deal is expected to close on or before July 30, 2020.

Substantially all the assets of American Software Capital, Inc. completed the reverse merger with Sakthi Global Holdings Ltd. (OTCPK:TKCM) on July 14, 2020.