NEW YORK, May 7, 2020 /PRNewswire/ -- Wealthbridge Acquisition Limited ("Wealthbridge") (NASDAQ: HHHH, HHHHU, HHHHW, HHHHR), a special purpose acquisition company, and Scienjoy Inc. ("Scienjoy" or the "Company"), a leading live entertainment mobile streaming platform in China, today announced the successful closing of the transactions contemplated by the previously-announced Share Exchange Agreement (the "Share Exchange Agreement"), dated as of October 28, 2019, by and among Scienjoy, Lavacano Holdings Limited ("Lavacano"), and WBY Entertainment Holdings Ltd. ("WBY", together with Lavacano, the "Sellers"), and approved by Wealthbridge shareholders as of May 5, 2020.

In connection with the closing, Wealthbridge has changed its name to Scienjoy Holding Corporation ("SHC"). Additionally, SHC expects that its ordinary shares will begin trading under the ticker symbol "SJ" on the Nasdaq stock exchange effective May 11, 2020, and its units and rights will cease trading as of the close of business on May 8, 2020. No action is needed from current Wealthbridge shareholders in relation to the ticker symbols change.

SHC will be led by Scienjoy's current management team with Victor He as Chief Executive Officer, Bo Wan as Chief Operating Officer, and Denny Tang as Chief Financial Officer. Meanwhile, Winston Liu, Chairman and CEO of Wealthbridge will remain on SHC's board of directors. SHC will remain headquartered in Beijing, China.

Winston Liu, Chairman and CEO of Wealthbridge, stated "We commend Victor and his team at Scienjoy for their success to date in building a vibrant live streaming ecosystem in China. As the mobile entertainment live streaming market continues to grow both in China and abroad, we are excited to work with Scienjoy to capitalize on these emerging opportunities."

Victor He, Scienjoy's CEO, also commented "We are quite pleased to announce the closing of the business combination and would like to thank all of our shareholders for their support during the process. The recognition we have received from our partners is an important company milestone, and we plan to maintain this momentum going forward. To fuel our growth, we are in the process of exploring potential overseas expansion opportunities. We firmly believe that social media networks and online business models do not have cultural boundaries. By leveraging our proprietary technology, international talent, and deep IT industry expertise, we will not only rapidly expand our global footprint, but move one step close to bringing joy and entertainment to all people around the world."

Chardan acted as an M&A and financial advisor to Wealthbridge. Loeb and Loeb LLP acted as a legal advisor to Wealthbridge. Jun He Law Offices LLC, Fengyu Law Firm, and Maple Group acted as the legal advisors to Scienjoy.

Source: Scienjoy Inc.

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