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Forum - Wall Street Pit (Huitao Technology - HHT)    Stock Due Diligence for All

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From: SunTzu772 (Rep: 1272)Date: 01/24/2020 09:04
Forum: Wall Street Pit - Msg #2812705 - List HHT msgs Thread #674118635 (Rec: 2)
.94 filed 6-K..$1.00 purchase agreement related to (China Ed) Sunway acq explains recent decline..in this favorable sector low risk sub $1 shares could and should bring significant gains before and when this deal closes -

Entry into a Material Definitive Agreement.

On January 23, 2020, Huitao Technology Co., Ltd (the “Company”) entered into certain securities purchase agreement (the “SPA”) with Hou Sing International Business Limited, an affiliate of the Company (the “Purchaser”) pursuant to which the Company agreed to sell an aggregate of 2,000,000 shares (the “Shares”) of ordinary shares, at a per share purchase price of $1.00. The net proceeds to the Company from the transaction contemplated in the SPA will be approximately $1,990,000.

The parties to the SPA have each made customary representations, warranties and covenants, including, among other things, (a) the Purchaser is a “non-U.S. Person” as defined in Regulation S and is acquiring the Shares for the purpose of investment, (b) the absence of any undisclosed material adverse effects, and (c) the absence of legal proceedings that affect the completion of the transaction contemplated by the SPA.

The SPA is subject to various conditions to closing, including, among other things, (a) Nasdaq’s approval of the listing of the Shares and (b) the accuracy of the Purchaser’s and the Company’s representations and warranties.

The net proceeds of the Offering shall be used by the Company in connection with the Company’s planned acquisition of Sunway Kids International Education Group Ltd., general corporate purposes or other purpose as approved by the board of directors (the “Board”) of the Company.

The SPA is filed as Exhibit 99.1 to this Current Report on Form 6-K and such document is incorporated herein by reference. The foregoing is only a brief description of the material terms of the SPA, and does not purport to be a complete description of the rights and obligations of the parties there under and is qualified in its entirety by reference to such exhibit.

https://www.sec.gov/Archives/edgar/data/1747661/000121390020001681/f6k012320_huitaotechnology.htm



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