Platinum International Biotech Co., Ltd acquired Yubo International Biotech Limited (OTCPK:YBGJ) for approximately $380 million in a reverse merger transaction on January 14, 2021. Under the voluntary share exchange transaction, on the closing date, Yubo International Biotech issued a total of 117 million shares of its Class A common stock to the selling stockholders in exchange for 100% of the issued and outstanding capital stock of Platinum International Biotech. As a result of the exchange transaction, the selling stockholders acquired more than 99% of the Yubo International Biotech's issued and outstanding capital stock. Platinum became the Yubo's wholly-owned subsidiary, and Yubo acquired the business and operations of Platinum and Yubo. Subsequent to the closing of the exchange transaction, it is anticipated that the Board of Directors will establish procedures to determine an appropriate role for the Board of Directors in Yubo's risk oversight function.

The closing transaction is subject to conditions precedent, including, Platinum and Yubo shall have received approvals, authorizations, qualifications and orders of governmental authorities and other third parties, Yubo shall have received from Platinum, the audited financial statements and proforma financial statements, Yubo shareholders shall have adopted and approved this agreement, terminations or expirations of waiting periods imposed by, any Governmental Entity shall have been obtained and others. The share exchange has been approved by the Board of Directors of both Platinum International Biotech Co. and Yubo International Biotech Limited. Mark C. Lee of Greenberg Traurig, LLP acted as legal advisor to Yubo International Biotech.

Platinum International Biotech Co., Ltd completed the acquisition of Yubo International Biotech Limited (OTCPK:YBGJ) in a reverse merger transaction on January 14, 2021.