Please replace the release dated August 4, 2021, with the following corrected version due to multiple revisions.

The updated release reads:

SCOTT+SCOTT ATTORNEYS AT LAW LLP INVESTIGATES PROFICIENT ALPHA ACQUISITION CORP’S DIRECTORS AND OFFICERS FOR BREACH OF FIDUCIARY DUTIES – PAAC, LGHL

Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating whether certain directors and officers of Proficient Alpha Acquisition Corp (“Proficient Alpha”) (NASDAQ: PAAC), now known as Lion Group Holding Ltd. (“Lion Group”) (NASDAQ: LGHL) breached their fiduciary duties to Proficient Alpha and its shareholders. If you were a Proficient Alpha shareholder, you may contact attorney Joe Pettigrew for additional information toll-free at 844-818-6982 or jpettigrew@scott-scott.com.

Scott+Scott is investigating whether Proficient Alpha’s board of directors or senior management failed to manage Proficient Alpha in an acceptable manner, in breach of their fiduciary duties to Proficient Alpha shareholders, and whether Proficient Alpha’s shareholders suffered damages as a result.

On March 10, 2020, Proficient Alpha executed a merger agreement with the predecessor to Lion Group, with an April 27, 2020 record date for the shareholder vote. On June 16, 2020 the merger transaction closed, with Lion Group continuing as the successor entity.

On June 17, 2020, immediately post-merger, shares of Lion Group closed at $2.75/share, down from $7.61/share on June 16, 2020 – a drop of 64%. Lion Group stock is currently trading at $1.99/share.

What You Can Do

If you were a Proficient Alpha shareholder, you may have legal claims against Proficient Alpha’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at 844-818-6982 or jpettigrew@scott-scott.com.

About Scott+Scott

Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Virginia, and Ohio.

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