Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 26, 2019, the Board of Directors (the "Board") of Proficient Alpha
Acquisition Corp., a Nevada corporation (the "Company") approved an increase in
the size of the Board from six (6) directors to seven (7) directors and
appointed Mr. Shih-Chung Chou to serve as a Class II director to fill the
vacancy created as a result of the increase in the size of the Board.
Mr. Shih-Chung Chou, age 58, has over 20 years of experience in establishing and
leading successful business ventures in the finance and real-estate industries
in Asia, especially China. He is the founder and shareholder of National
Agricultural Holding Limited, a rural market-based company that integrates
financial services, agricultural product trading, information, industry and
science research. He has been serving as the Chief Executive Officer of Shanghai
Kongsheng Industrial Co., Ltd., a real estate development, investment and
management company, since February 1997. From June 2005 to November 2013, he
served as the M&A Department Manager of Qianlong Technology International
Holding Limited. From December 1993 to January 1997, he served as the General
Manager of Shanghai Gaosheng Real Estate Development Co., Ltd., a consulting
service provider in financial and real estate investment. Mr. Chou received his
Bachelor's degree in Business from Tunghai University and an EMBA degree from
Hong Kong University of Science and Technology. He is qualified to serve on the
Board due to his extensive knowledge of the financial and investment industry.
There are no family relationships between Mr. Chou and any director or executive
officer of the Company. Other than as set forth below, there There are no
transactions between the Company and Mr. Chou that are subject to disclosure
under Item 404(a) of Regulation S-K.
In September 2018, the Company issued 431,250 shares of common stock of the
Company to Mr. Chou in a private placement prior to the Company's initial public
offering (the "IPO") at a price of $0.20 per share. Simultaneously with the
closing of the IPO on June 3, 2019, the Company consummated a sale of 5,375,000
warrants in a private placement to Mr. Chou at a price of $1.00 per warrant.
On July 24, 2019, the Company and Mr. Chou entered into an unsecured promissory
note for a principal amount of up to $800,000 to be used by the Company for
working capital purposes..
Item 8.01 Other Events.
On December 17, 2019, the Company entered into a non-binding letter of intent
with a potential target company for an initial business combination between the
Company and such potential target company.
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