Item 1.01 Entry into a Material Definitive Agreement
On June 23, 2022, Ajia Innogroup Holdings Limited (the "Company"), entered into
an Acquisition Agreement ("Agreement") with Union Passenger Limited, a company
incorporated under the laws of Hong Kong ("Union"), pursuant to which the
Company 1) acquired 100% of the outstanding shares of Union, and 2) has agreed
to appoint Union as its exclusive partner for the promotion of Company's
catering, services and total solutions for restaurants in Asia ("Products").
Pursuant to the Agreement, the Company and Union shall share in 100% of the
profits and losses of the offering of Products to third party customers which
are introduced by Union. Based upon valuation conducted by a third party
independent valuer, Ajia issued an aggregate 8,000,000 restricted share of
Company common stock (valued at $0.60 per share/USD $4,800,000/HK$37,440,000) to
Union shareholders as full consideration for the 100% interest in Union.
The Board of the Company approved entry into the Agreement on June 23, 2022. The
transaction closed on July 7, 2022, having an effective date of June 30, 2022.
Upon completion of the Acquisition contemplated by the Agreement, Union is owned
as to 100% by the Company and became a an direct wholly-owned subsidiary of the
Company, and the financial results of Union will be consolidated with the
financial results of the Company.
The foregoing description of the Agreement is qualified in its entirety by
reference to the Agreement, which is attached hereto as Exhibit 10.1 and
incorporated herein by reference.
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Item 2.01 Completion of Acquisition or Disposition of Assets.
The information provided in response to Item 1.01 of this report is incorporated
by reference into this Item 2.01.
Item 3.02 Unregistered Sales of Securities Convertible or Exercisable into
Equity Securities.
The information set forth in Item 1.01 above is incorporated by reference into
this Item 3.02. All securities issued pursuant to the Union Agreement were
issued in a transaction exempt from registration pursuant to Section 4(a)(2) of
the Securities Act of 1933. The shares issuable under the Agreement have not
been registered under the Securities Act and may not be offered or sold in the
United States absent registration or an applicable exemption from registration
requirements The Agreement did not involve a public offering, the sale of the
securities was made without general solicitation or advertising, there was no
underwriter, and no underwriting commissions were paid.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
10.1 Acquisition Agreement with Union Passenger Limited, dated June 23,
2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL
Document)
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