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Item 5. Market for Registrant’s Common Equity

2023-06-28 compared with 2022-08-29 · 27 added, 59 removed, 0 unchanged (100% of the section changed)

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

units began to trade on Nasdaq Global Market, LLC, under the symbol “LAXXU” on November 22, 2021.

The ordinary shares,

warrants and rights comprising the units began separate trading on the Nasdaq Global Market, LLC on December 13, 2021, under the

symbols “LAX,” “LAXXW,” and “LAXXR”, respectively.

of August 29, 2022, there were 11,073,500 of our ordinary shares issued and outstanding

held by six shareholders of record.

The number of record holders was determined from the

records of our transfer agent and does not include beneficial owners of ordinary shares whose shares are held in the names of various

security brokers, dealers, and registered clearing agencies.

have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of an

initial business combination.

The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital

requirements and general financial condition subsequent to completion of a business combination and subject to our satisfaction of the

applicable solvency test under the British Virgin Islands Business Companies Act, 2004 (as amended).

The payment of any dividends subsequent

to a business combination will be within the discretion of our board of directors at such time.

It is the present intention of our board

of directors to retain all earnings, if any, for use in our business operations and, accordingly, our board of directors does not anticipate

declaring any dividends in the foreseeable future.

In addition, our board of directors is not currently contemplating and does not anticipate

declaring any share dividends in the foreseeable future.

Further, if we incur any indebtedness, our ability to declare dividends may

be limited by restrictive covenants we may agree to in connection therewith.

Authorized for Issuance Under Equity Compensation Plans

Sales of Unregistered Securities

Sales of Equity Securities and Use of Proceeds

November 24, 2021, the Company consummated its initial public offering (“IPO”) of 8,625,000 units (the “Units”)

(including the issuance of 1,125,000 Units as a result of the underwriter’s full exercise of the over-allotment option).

consists of one ordinary share (“Ordinary Share”), one warrant (“Warrant”) entitling its holder to purchase one-half

of one Ordinary Share at a price of $11.50 per whole share, and one right to receive one-tenth (1/10) of an Ordinary Share upon the consummation

of an initial business combination.

The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $86,250,000.

Simultaneously with the closing of the IPO, the Company consummated a private placement (“Private Placement”) of 292,250

units (the “Private Units”) at a price of $10.00 per Private Unit, generating total proceeds of $2,922,500.

A total of $86,250,000

of the net proceeds from the sale of Units in the IPO (including the over-allotment option units) and the Private Placements on November

24, 2021 were placed in a trust account established for the benefit of the Company’s public stockholders.

Private Units are identical to the units sold in the IPO except with respect to certain registration rights and transfer restrictions.

The holders of the Private Units have agreed (A) to vote the private shares underlying the Private Units (the “Private Shares”)

and any public shares acquired by them in favor of any proposed business combination, (B) not to propose, or vote in favor of, an amendment

to our certificate of incorporation that would affect the substance or timing of our obligation to redeem 100% of our public shares if

we do not complete our initial business combination by November 23, 2022 (or May 23, 2023, as applicable), unless we provide our public

stockholders with the opportunity to redeem their ordinary shares upon approval of any such amendment at a per-share price, payable in

cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account

and not previously released to us to pay our franchise and income taxes, divided by the number of then outstanding public shares, (C)

not to convert any shares (including the Private Shares) into the right to receive cash from the trust account in connection with a stockholder

vote to approve our proposed initial business combination (or sell any shares they hold to us in a tender offer in connection with a

proposed initial business combination) or a vote to amend the provisions of our certificate of incorporation relating to the substance

or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business combination by November 23,

2022 (or May 23, 2023, as applicable) and (D) that the Private Shares shall not be entitled to be redeemed for a pro rata portion of

the funds held in the trust account if a business combination is not consummated.

Additionally, our insiders (and/or their designees)

have agreed not to transfer, assign or sell any of the private units or underlying securities (except to the same permitted transferees

as the insider shares and provided the transferees agree to the same terms and restrictions as the permitted transferees of the insider

shares must agree to, each as described above) until the completion of our initial business combination.

paid a total of $1,725,000, in underwriting discounts and commissions (not including the 3.5% deferred underwriting commission payable

at the consummation of initial business combination) and $649,588 for other costs and expenses related to our formation and the IPO.

of Equity Securities by the Issuer and Affiliated Purchasers

Market for Registrant’s Common Equity,

Related Stockholder Matters and Issuer Purchases of Equity Securities.

Our ordinary shares are quoted

on The Nasdaq Stock Market LLC under the symbol “EUDA.” Our redeemable warrants are quoted on The Nasdaq Stock Market LLC

under the symbol “EUDAW.”

As of the date of this report,

there are approximately 28 shareholders of record of our ordinary shares based upon our transfer agent’s report.

Because many of

our ordinary shares are held by brokers and other nominees on behalf of shareholders, including in trust, we are unable to estimate the

total number of shareholders represented by these record holders.

We have not declared or paid

any cash dividends on our ordinary shares.

To date we have utilized all available cash to finance our operations.

Payment of cash dividends

in the future will be at the discretion of our Board and will depend upon our earnings levels, capital requirements, any restrictive loan

covenants and other factors the Board considers relevant.

On December 31, 2022,

there were 8,625,000 Public Warrants outstanding and 292,250 Private Warrants outstanding.

Refer to Note 16 to the consolidated

financial statements included in this annual report for additional information relating to outstanding warrants.

Recent Sales of Unregistered Securities

We made no sales of our equity

securities during the fourth quarter of the fiscal year covered by the report.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

We made no purchases of our equity

securities during the fourth quarter of the fiscal year covered by the report.

Not applicable.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity