LEGAL PROCEEDINGS
−Removed: Legal Proceedings
−Removed: On April 3, 2024, the Company
−Removed: and the underwriter of our initial public offering, D.A.
−Removed: Davidson & Co (“D.A.
−Removed: Davidson”), entered into a settlement agreement
−Removed: and mutual release (the “Settlement Agreement”) with Boustead Securities, LLC (“Boustead”) and its current and
−Removed: former employees, officers, directors, partners, agents and affiliates, pursuant to which all parties agreed to release all claims in
−Removed: exchange for the Company’s payment of $1.3 million (the “Settlement Amount”) to Boustead.
−Removed: The Settlement Agreement was
−Removed: entered into for purposes of settling in full the FINRA Arbitration (FINRA Case No.
−Removed: 22-01133) which had been brought by Boustead against
−Removed: the Company and D.A.
−Removed: Davidson after the Company opted not to complete its initial public offering with Boustead but instead engaged and
−Removed: completed its initial public offering with D.A.
−Removed: In entering into the Settlement Agreement, the Company paid the Settlement Amount
−Removed: in four equal installments of $325,000 on each of April 3, 2024, May 3, 2024, June 3, 2024 and July 3, 2024.
−Removed: As of the date of this Annual
−Removed: Report, the parties have formally withdrawn all of the complaints that were before FINRA, with prejudice, and the matter is settled in
−Removed: In addition, effective June
−Removed: 18, 2024, and pursuant to the agreement between our co-founder and chairman, Chenlong Tan and D.A.
−Removed: Davidson, Mr.
−Removed: Tan and co-founder, Allan
−Removed: Huang, returned a total of 541,667 shares (the “Cancelled Shares”) to the Company, all of which were cancelled following their
−Removed: The Cancelled Shares, valued at $2.40 per share on the date of cancellation, served to cover the full value of the Settlement
−Removed: Other than the above settlement,
−Removed: we are not presently a party to any pending or other threatened legal proceedings or claims against us that we believe will have a material
−Removed: adverse effect on our business, financial condition, or operating results.
−Removed: Nonetheless, we may from time to time become involved in legal
−Removed: proceedings in the ordinary course of business.
+Added: We are not presently a party
+Added: to any pending or other threatened legal proceedings or claims against us that we believe will have a material adverse effect on our business,
+Added: financial condition, or operating results.
+Added: Nonetheless, we may from time to time become involved in legal proceedings in the ordinary
+Added: course of business.
MINE SAFETY DISCLOSURES
1 unchanged sentence
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.