Liu Lina, a resident of China entered into a stock purchase agreement to acquire approximately 99% stake in Magna-Lab Inc. (OTCPK:MAGA.A) from Custodian Ventures LLC for $0.26 million on September 14, 2020. Liu Lina entered into an Amended and Restated Stock Purchase Agreement to acquire 99% stake in Magna-Lab Inc. from Activist Investing, LLC on September 23, 2020. As reported, 117.9 million Class A common shares of Magna-Lab Inc. Promptly upon the signing of the agreement, 30% of the full purchase price, i.e., $76,500 (the First Payment), shall be deposited by Liu Lina into the trust account of Yue & Associates, P.C. (Escrow Agent), in accordance with an Escrow Agreement, a second 30% of the purchase price, i.e. $76,500, shall be deposited within two days following the completion of due diligence investigation conducted by Liu Lina which shall be completed on or before September 22, 2020 unless extended by agreement of both parties; provided that Liu Lina shall have been satisfied with the result of such due diligence investigation. The final 40% of the purchase price, i.e., $102,000, shall be deposited at the closing date. At the closing date, the entire purchase price shall be released from the Trust Account and paid to Activist Investing, against the delivery of shares to Liu Lina. The transaction was financed with Liu Lina's personal funds. The closing of the transaction is subject to Liu Lina having been satisfied with the result of the due diligence investigation conducted by Liu Lina regarding Magna-Lab, which must be completed by September 22, 2020 unless extended by agreement of parties, the Conversion of promissory notes having been completed, and Magna-Lab having obtained all approvals, consents and waivers and completed all corporate proceedings necessary for the conversion, and consummation of the sale and purchase of shares, and such approvals shall include, without limitation, the resolution of MAGAA’s Board (including the two disinterested directors) to approve the conversion and the sale and purchase of shares and reasonable evidence thereof shall have been delivered to Liu Lina; as of the closing, Magna-Lab Bylaws shall provide that the Board shall consist of at least three directors, all of which shall be appointed by Liu Lina, the sale of Magna-Lab’s subsidiary Cardiac MRI Inc has been completed, any amendments to the articles of incorporation or the bylaws of Magna-Lab shall have been duly adopted. The sale of the shares is expected to be completed on September 30, 2020. Liu Lina intends to appoint Wang Jun, Wang Yang and Bai Zhihui as Directors of Magna-Lab. In connection with the sale, David Lazar, owner of Activist Investor, LLC, John B. Lowy and Dovid Kotkes have agreed to resign from Magna-Lab's Board of Directors, and has agreed to appoint the designees as the Directors of Magna-Lab. As a result thereof, the designees will then become the Director of Magna-Lab, on or about October 10, 2020. As per amended agreement, the change of management will be completed on or about October 12, 2020. Liu Lina, a resident of China completed the acquisition of approximately 99% stake in Magna-Lab Inc. (OTCPK:MAGA.A) from Activist Investing, LLC on October 2, 2020. Liu Lina was appointed as as Chief Financial Officer, Treasurer and Secretary of Magna-Lab.