8-Kfiled November 13, 2023, 6:59 PM ETticker NXTTCIK 0001784970
other materialconfidence highsentiment neutralmateriality 0.85
Next Technology Holding Inc. (NXTT): M&A transaction — WeTrade acquires 833 bitcoins for $25M, sells subsidiary, removes directors, obtains TRO in control dispute
Next Technology Holding Inc.
Sold WeTrade Information Technology Ltd shares for $4.5M (above NAV of ~$4.37M) on Sep 29, 2023.
Acquired 833 bitcoins for ~$25M at locked-in price of $30,000 per bitcoin during Sep 2023.
Removed directors Grace Li and Daxue Li via shareholder written consent on Oct 30, 2023; new board listed.
Unauthorized persons filed false 8-Ks and litigation; derivative suit dismissed Oct 18, direct action pending; TRO granted Nov 7.
On October 30, 2023, shareholders consisting of a majority of the Company’s then-outstanding shares voted and executed a written consent to remove Ms. Grace Li and Mr. Daxue Li from the board.
On October 30, 2023, shareholders consisting of a majority of the Company’s then-outstanding shares voted and executed a written consent to remove Ms. Grace Li and Mr. Daxue Li from the board.
Key facts
Extracted from this filing and checked against the source text.
Executive changeSEC 8-K Item 5.02confidence 0.95
Daxue Li was removed as Director at Next Technology Holding Inc..
Action
removed
Role
Director
Exact text from the filing
On October 30, 2023, shareholders consisting of a majority of the Company’s then-outstanding shares voted and executed a written consent to remove Ms. Grace Li and Mr. Daxue Li from the board.
Grace Li was removed as Director at Next Technology Holding Inc..
Action
removed
Role
Director
Exact text from the filing
On October 30, 2023, shareholders consisting of a majority of the Company’s then-outstanding shares voted and executed a written consent to remove Ms. Grace Li and Mr. Daxue Li from the board.
Next Technology Holding Inc. completed a disposition involving a buyer unaffiliated with the Company for $4,500,000 (closed 2023-09-29).
Action
disposition
Counterparty
a buyer unaffiliated with the Company
Consideration
$4,500,000
Closing
2023-09-29
Exact text from the filing
“WeTrade Information Shares”) of WeTrade Information Technology Limited and together with its wholly owned subsidiaries. The purchase price for the WeTrade Information Shares is $4,500,000, which is above the unaudited Net Asset Value (“NAV”) of approximately $4,370,000 and valuation amount of $3,500,000. The transaction was completed on September 29, 2023. rmation
Material AgreementsSEC 8-K Item 1.01/1.02confidence 0.9
Next Technology Holding Inc. entered into Agreement with a buyer unaffiliated with the Company valued at $4,500,000 (effective 2023-09-27).
Action
entry
Agreement
asset purchase
Counterparty
a buyer unaffiliated with the Company
Value
$4,500,000
Effective
2023-09-27
Exact text from the filing
On September 27, 2023, Wetrade Group Inc., a Wyoming corporation (the “Company”) entered into a sale and purchase agreement (the “Agreement”) with a buyer unaffiliated with the Company (the “Buyer”), pursuant to which the Company agreed to sell and the Buyer agreed to purchase all the issued and outstanding ordinary shares (the “WeTrade Information Shares”) of WeTrade Information Technology Limited and together with its wholly owned subsidiaries.
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