Singularity Future Technology settles securities lawsuits for $10.5M; shares to be cancelled

Singularity Future Technology Ltd.

Company to pay $10,525,910.82 to settle six plaintiffs' claims of securities law violations, fraud, and breach of contract.
Plaintiffs will dismiss all three federal lawsuits with prejudice after payment; defendants deny all liability.
All shares issued under the Securities Purchase Agreement and Advisory Agreement will be forfeited and cancelled.
Payment to be made into escrow within five business days of March 10, 2023 effective date.
Settlement includes mutual releases between plaintiffs and defendants (company, Yang Jie, Jing Shan).

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Singularity Future Technology Ltd. entered into Settlement Agreement and General Mutual Release with St. Hudson Group LLC, Imperii Strategies LLC, Isyled Technology Limited, HSQYNM Family Inc., Jinhe Capital Limited, Hexin Global Limited, Viner Total Investments Fund valued at $10,525,910.82 (effective 2023-03-10).

Action: entry
Agreement: settlement
Counterparty: St. Hudson Group LLC, Imperii Strategies LLC, Isyled Technology Limited, HSQYNM Family Inc., Jinhe Capital Limited, Hexin Global Limited, Viner Total Investments Fund
Value: $10,525,910.82
Effective: 2023-03-10

Exact text from the filing

On December 22, 2022, St. Hudson Group LLC, a Delaware limited liability company, Imperii Strategies LLC, a Delaware limited liability company, Isyled Technology Limited, a Hong Kong company, and HSQYNM Family Inc., a New York corporation (together with Jinhe and the Hexin Plaintiffs, the "Plaintiffs") filed a lawsuit in the Southern District of New York against the Defendants captioned St. Hudson Group LLC, et al. v. Singularity Future Technology Ltd., et al., Case No. 22-cv-10290-LJL (together with the Jinhe Action and Hexin Action, the "Actions"). The Company, Shan, and the Plaintiffs entered into a certain settlement agreement and general mutual release with an effective date of March 10, 2023 (the "Settlement Agreement").

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Source: SEC EDGAR

accession 0001213900-23-020613

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