 Lion Group Holding Ltd., a Cayman Islands exempted company Lion and Hong Kong-based diversified financial services company announced today that it has consummated previously announced business combination pursuant to a business combination agreement, dated as of March 10, 2020 as amended, the Business Combination Agreement by and among Lion, Lion Financial Group Limited Lion Financial, Proficient Alpha Acquisition Corp., a Nevada corporation and special purpose acquisition company formed for the purpose of entering into a business combination Proficient, and the other parties thereto. Pursuant to the Business Combination Agreement, each of Proficient and Lion Financial has become wholly-owned subsidiaries of Lion, and each outstanding share of common stock of Proficient that has not been redeemed has been exchanged for one 1 Class A ordinary share of Lion represented by one American Depositary Share ADS, each outstanding warrant of Proficient has been exchanged for one equivalent 1 warrant of Lion, each outstanding right of Proficient has been converted into one-tenth 110 of a Class A ordinary share of Lion represented by ADSs, rounded down to the nearest whole share, and each outstanding unit of Proficient has been converted into its component parts and then exchanged for one 1 Class A ordinary share of Lion represented by one ADS, one 1 warrant of Lion and one-tenth 110 of a Class A ordinary share of Lion represented by ADSs, rounded down to the nearest whole share. 