Lion Announces Entry into Share Subscription Agreement in Connection with Private Placement of Common Shares

HONG KONG,Dec. 21,2020 -- Lion Group Holding Ltd. ("Lion" or "the Company") (NASDAQ: LGHL),an operator of an all-in-one trading platform that offers a wide spectrum of products and services with a focus on Chinese investors,today announced it has successfully executed a binding funding agreement to raise $10 million through a private placement share subscription agreement ("Share Subscription Agreement") in the Company. The financing will be led by Yun Tian Investment Limited ("Yun Tian"),through a company incorporated in Hong Kong which is funded by a group of reputable and wealthy private entrepreneurs from South China.

Lion expects to use the proceeds from the Share Subscription Agreement to develop,among others,its total return swap trading business in which the parties shall co-operate with each other. Pursuant to the Share Subscription Agreement,in addition to the capital contribution of $10 million,Yun Tian shall dispatch a team of talents in the areas of finance,technology,marketing etc. to assist in Lion's total return swap trading business and other relevant businesses. Both parties will commence the business cooperation upon the execution of Share Subscription Agreement.

"We are excited to announce that this agreement marks another milestone for the growth of Lion and represents an important step in our business expansion. In addition to finance,Yun Tian will offer professional expertise and industry experience to further advance our development. With both capital injection and talents support,we are confident in the growth of our total return swap trading business," said Mr. Chunning (Wilson) Wang,CEO of Lion. "As we continue to pursue regional expansion and business growth,Lion remains committed to delivering our services to customers and developing more innovative products to satisfy our clients' needs."

The Company will file a Form 6-K containing the Share Subscription Agreement which investors may access on the SEC Filings page on the U.S. Securities and Exchange Commission website atwww.sec.gov.

About Lion

Lion Group Holding Ltd. (NASDAQ: LGHL) operates an all-in-one trading platform that offers a wide spectrum of products and services with a focus on Chinese investors. Through its state-of-the-art technology,Lion offers contract-for-difference (CFD) trading,insurance brokerage,futures brokerage,and securities brokerage on its platform,which can be accessed through applications available on the iOS,Android,Windows,and macOS systems. Lion's customers are well-educated and affluent Chinese individual investors residing both inside and outside the PRC as well as institutional clients in Hong Kong. Additional information may be found at http://ir.liongrouphl.com.

Forward-Looking Statements

This press release contains,"forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Lion's actual results may differ from their expectations,estimates and projections and consequently,you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include,without limitation,Lion's expectations with respect to future performance and anticipated financial impacts of the Business combination,the satisfaction of the closing conditions to the business combination and the timing of the completion of the business combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of Lion and are difficult to predict. Factors that may cause such differences include,but are not limited to: (1) the inability to maintain the listing of the post-acquisition company's ADSs on NASDAQ following the business combination; (2) the risk that the business combination disrupts current plans and operations as a result of the announcement and consummation of the transactions described herein; (3) the inability to recognize the anticipated benefits of the business combination,which may be affected by,among other things,competition,the ability of the combined company to grow and manage growth profitably and retain its key employees; (4) costs related to the business combination; (5) changes in applicable laws or regulations; (6) the possibility that Lion may be adversely affected by other economic,business,and/or competitive factors; and (7) other risks and uncertainties to be identified in the proxy statement/prospectus relating to the business combination,including those under "Risk Factors" therein,and in other filings with the Securities and Exchange Commission ("SEC") made by Lion. Lion cautions that the foregoing list of factors is not exclusive. Lion cautions readers not to place undue reliance upon any forward-looking statements,which speak only as of the date made. Lion does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events,conditions or circumstances on which any such statement is based,subject to applicable law.

Contacts

Lion Group Holding

Tel: +852 2820 9011

Email: ir@liongrouphl.com

ICR,LLC

William Zima

Tel: +1 203 682 8233

Email: ir@liongrouphl.com

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