Item 1.01 Entry into a Material Definitive Agreement.
On January 18, 2022, Shineco, Inc. (the "Company") entered into three share
transfer agreements ( the "Purchase Agreements"), respectively with Beijing Qing
Chuang Technology Incubator Co., Ltd., Hangzhou Sheng Dou Shi Bio Technology
Co., Ltd. and Peng He (collectively, the "Selling Shareholders"), each a
shareholder of Xiang Peng You Kang (Beijing) Technology Co., Ltd. ("XPYK"),
pursuant to which the Company shall acquire a total of 51% issued and
outstanding equity interest of XPYK from the Selling Shareholders (the "XPYK
Shares"). Under the Purchase Agreements, the Company will issue an aggregate of
700,551 shares ("Company Shares") of its common stock valued at a per share
price of $8 (subject to the terms and conditions of the Purchase Agreements) as
the consideration for the XPYK Shares. The closing for the acquisition of the
XPYK Shares is expected to occur within 60 days from the date of the Purchase
Agreements. The board of directors of XPYK shall consist of five members upon
closing of the transaction set forth therein, two of which shall be designated
by the Company, two designated by the Selling Shareholders and other
shareholders of XPYK and one nominated jointly by the Company and other
shareholders of XPYK. Before their entry into the Purchase Agreements, no
material relationship existed between the Company and any Shareholder on one
hand, and the Company and XPYK on the other hand.
The foregoing description of the Purchase Agreements does not purport to be
complete and is qualified in its entirety by reference to the full text of the
Purchase Agreement, a summary translation of which is filed as Exhibit 10.1 to
this current report on Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
Exhibit
No Exhibit
10.1 Form of Share Transfer Agreement dated January 18, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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