Item 1.01 Entry Into A Material Definitive Agreement.
On
Pursuant to the Share Exchange Agreement, in exchange for the acquisition of 85%
of the outstanding equity interests of Target, the Company issued an aggregate
of 2,200,000 shares of common stock, par value
The Share Exchange Agreement contains customary representations and warranties made by the Company, on the one hand, and Target and the Sellers on the other hand, made solely for the benefit of the other, which in certain cases are subject to specified exceptions and qualifications contained in the Share Exchange Agreement or in information provided pursuant to certain disclosure schedules to the Share Exchange Agreement.
At the closing of the Acquisition, the Sellers and certain individuals that are
involved in the management of Target (the "Subject Parties") entered into a
non-competition and non-solicitation agreement (the "Non-Competition Agreement")
in favor of the Company, relating to the post-acquisition business of the
Company in the operations of manufacturing and selling ethanol fuel and fuel
additive products (the "Business") anywhere in
The foregoing descriptions of the Share Exchange Agreement, the Lock-Up Agreement and the Non-Competition Agreement do not purport to be complete and are subject to, and are qualified in their entirety by, the full text of those agreements, which are filed herewith as Exhibits 10.1, 10.2, and 10.3 and incorporated herein by reference.
In connection with the closing of the Acquisition, the Subsidiary entered into a number of agreements with the Target which are customary for variable interest entities, copies of which are filed herewith as Exhibits 10.4 through 10.8, respectively.
Item 2.01 Completion of Acquisition or Disposition of Assets.
The information set forth in Item 1.01 above relating to the closing of the Acquisition is incorporated herein by reference.
Item 3.02 Unregistered Sales of
The information set forth in Item 1.01 above relating to the issuance of the
securities in the Acquisition is incorporated herein by reference. The issuance
of the securities was exempt from the registration requirements of the
Securities Act, pursuant to Section 4(a)(2) of the Securities Act of 1933, as
amended. The Target has two shareholders, both of whom are located in
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Item 7.01 Regulation FD Disclosure
On
Item 9.01 Financial Statements and Exhibits.
(a) The financial statements required by this Item 9.01(a) will be filed by
amendment to this Current Report on Form 8-K no later than 71 days after the date of this Current Report.
(b) The pro forma financial information required by this Item 9.01(b) will be
filed by amendment to this Current Report on Form 8-K no later than 71 days after the date of this Current Report. (d) Exhibits. Exhibit No. Description 10.1* Share Exchange Agreement, dated as ofJanuary 4, 2021 , by and amongPlanet Green Holdings Corp. ,Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. and sellers named therein 10.2 Form of Lock-Up Agreement 10.3 Form of Non-Competition and Non-Solicitation Agreement 10.4 Consultation and Service Agreement 10.5 Business Cooperation Agreement 10.6 Equity Pledge Agreement 10.7 Equity Option Agreement 10.8 Voting Rights Proxy and Financial Supporting Agreement 99.1 Press Release, datedJanuary 5, 2021
* The exhibits and schedules to this Exhibit have been omitted in accordance with
Regulation S-K Item 601(a)(5). The Registrant agrees to furnish supplementally
a copy of all omitted exhibits and schedules to the Securities and Exchange
Commission upon its request.
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