---
schema_version: "secwatch.filing_event.v1"
accession: "0000745543-23-000004"
form_type: "8-K"
ticker: null
cik: "0000745543"
company_name: "PETRO USA, INC."
filed_at: "2023-04-27T23:59:59+00:00"
generated_at: "2026-06-16T10:00:39.054464+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Petro USA completes acquisition of Veritaz for 2M shares; ceases shell company status

## Summary
- Acquired all 10,000 Veritaz ordinary shares for 2,000,000 Petro USA shares; Veritaz becomes wholly owned subsidiary.
- Veritaz markets technical/performance textiles to Indian armed forces, paramilitary, MHA, B2B/B2C.
- Petro USA ceases shell company status upon completion of acquisition (Item 5.06).
- Veritaz has limited operating history, net losses, and substantial doubt about going concern.

## SEC filing metadata
- accession: 0000745543-23-000004
- form_type: 8-K
- cik: 0000745543
- company_name: PETRO USA, INC.
- filed_at: 2023-04-27T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.01, 5.06, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/745543/000074554323000004/0000745543-23-000004-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/745543/000074554323000004/pbaj-2023apr19_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000745543-23-000004
- JSON: https://secwatch.observer/filing/0000745543-23-000004.json
- Plain text: https://secwatch.observer/filing/0000745543-23-000004.txt

## Key facts
- Governance Changes
  PETRO USA, INC.: Ceased to be a shell company after Share Exchange.
  - Change: shell status
  source text: As a result of the Share Exchange, we have ceased to be a shell company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/745543/000074554323000004/0000745543-23-000004-index.htm
- M&A Transactions
  PETRO USA, INC. completed an acquisition involving shareholders of Veritaz Trading and Exim Private Limited (closed 2023-04-14).
  - Action: acquisition
  - Counterparty: shareholders of Veritaz Trading and Exim Private Limited
  - Closing: 2023-04-14
  source text: On April 14, 2023, the Registrant completed the acquisition of Veritaz. Under said Stock Exchange Agreement, the Registrant acquired all of Veritaz 10,000 Ordinary Shares outstanding for 2,000,000 shares of the Registrant.
  evidence_url: https://www.sec.gov/Archives/edgar/data/745543/000074554323000004/0000745543-23-000004-index.htm
- Material Agreements
  PETRO USA, INC. entered into Stock Exchange Agreement with Veritaz Trading and Exim Private Limited valued at 2,000,000 shares of the Registrant for all of Veritaz's 10,000 Ordinary Shares outstanding (effective 2023-02-15).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: Veritaz Trading and Exim Private Limited
  - Value: 2,000,000 shares of the Registrant for all of Veritaz's 10,000 Ordinary Shares outstanding
  - Effective: 2023-02-15
  source text: On February 15, 2023, the Registrant entered into a Stock Exchange Agreement with the shareholders of Veritaz Trading and Exim Private Limited, a company incorporated in India and registered under the Companies Act, 1956 having its registered office at S-61 Panscheel Park, New Delhi 110019 (hereinafter "Veritaz").
  evidence_url: https://www.sec.gov/Archives/edgar/data/745543/000074554323000004/0000745543-23-000004-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.