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On April 18, 2024, FT Global filed a notice of motion for default judgment against the Company.
−Removed: By an order dated August 20, 2024, the Court granted the plaintiff’s default motion on the issue of liability, with damages to be
−Removed: determined by a referee.
−Removed: The Company then moved to vacate the order dated August 20, 2024, but the Court denied the Company’s motion
−Removed: on November 1, 2024, stating that the excuse proffered by the Company as to the reason it did not retain counsel in a timely fashion was
−Removed: not sufficient.
+Added: By an order dated August 20, 2024, the
+Added: Court granted the plaintiff’s default motion on the issue of liability, with damages to be determined by a referee.
+Added: then moved to vacate the order dated August 20, 2024, but the Court denied the Company’s motion on November 1, 2024, stating that
+Added: the excuse proffered by the Company as to the reason it did not retain counsel in a timely fashion was not sufficient.
In November 2023, an individual plaintiff involved
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and the legal representative of Tengsheng Paper, at the Lianchi District People’s Court of Baoding City, China (the “PRC Court”).
−Removed: On December 1, 2023, the plaintiff sought property preservation measures, requesting the PRC Court to freeze RMB3.35 million worth of
−Removed: bank deposits held by Jie Ping and Tengsheng Paper.
−Removed: Following this request, on the same day, the PRC Court issued a ruling to immediately
−Removed: freeze the RMB3.35 million worth of bank deposits of Jie Ping and Tengsheng Paper.
−Removed: On June 14, 2024, the PRC Court ordered the defendants
−Removed: to repay the principal of the loan in the amount of RMB3,320,000 to the plaintiff, and Tengsheng Paper was jointly liable for repayment.
+Added: From December 2023 through 2024, the plaintiff sought property preservation measures, requesting the PRC Court to freeze totaling RMB6.70
+Added: million worth of bank deposits held by Jie Ping and Tengsheng Paper.
+Added: Following this request, on the same day, the PRC Court issued a ruling
+Added: to immediately freeze the RMB3.35 million worth of bank deposits of Jie Ping and Tengsheng Paper.
+Added: On June 14, 2024, the PRC Court ordered
+Added: the defendants to repay the principal of the loan in the amount of RMB3,320,000 to the plaintiff, and Tengsheng Paper was jointly liable
+Added: for repayment.
The ultimate resolution of the proceedings may
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by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.
−Removed: Unregistered Sales of Equity Securities and Use of Proceeds.
+Added: Unregistered Sales of Equity Securities
+Added: and Use of Proceeds.
Defaults Upon Senior Securities.
2 unchanged sentences
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.