Item 1.01 Termination of a Material Definitive Agreement.
As previously disclosed in the current reports on Form 8-K filed by Yunhong
International, a Cayman Islands exempted company (the "Company"), with the
Securities and Exchange Commission (the "SEC") on May 17, 2021 and May 20, 2021,
the Company entered into a share exchange agreement (the "Share Exchange
Agreement") with Giga Carbon Neutrality Inc. (f/k/a Giga Energy Inc.), a
corporation formed under the laws of the Province of British Columbia, Canada
("GCN"), the shareholders of GCN and the other parties identified therein on May
14, 2021, pursuant to which the Company agreed to purchase from the shareholders
of GCN, all of the issued and outstanding equity interests in or of GCN in
exchange for newly issued ordinary shares of the Company, subject to the terms
and conditions set forth in the Share Exchange Agreement (the "Business
Combination"), after which GCN would become a wholly-owned subsidiary of the
Company and the Company would rename itself as "Giga Carbon Neutrality Ltd." On
September 8, 2021, Yunhong received a written notice (the "Termination Notice")
from GCN terminating the Share Exchange Agreement, effective as of the date of
the Termination Notice, because the Business Combination was not consummated by
July 30, 2021.
Item 8.01 Other Events
On September 14, 2021, the Company issued a press release on the termination of
the Share Exchange Agreement pursuant to the Termination Notice (the "Press
Release"). A copy of the Press Release is filed herewith as Exhibit 99.1 to this
Current Report on Form 8-K.
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