GD Culture Group terminates VIE agreements, deconsolidates Shanghai Highlight Media

GD Culture Group Ltd

Terminated all VIE agreements with Shanghai Highlight Media effective September 26, 2023.
Third party Jie Wang to pay $100,000 as consideration for termination.
Company will no longer consolidate Highlight Media's financial results or balance sheet.
Pro forma condensed financial statements to be filed by amendment within four business days.

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

GD Culture Group Ltd terminated VIE Agreements (Technical Consultation and Services Agreement, Equity Pledge Agreement, Equity Option Agreement, Voting Rights Proxy and Financial Support Agreement) with Makesi IoT Technology (Shanghai) Co., Ltd., Shanghai Highlight Media Co., Ltd., shareholders of Shanghai Highlight valued at Termination of VIE Agreements for $100,000 consideration (effective 2023-09-26).

Action: termination
Counterparty: Makesi IoT Technology (Shanghai) Co., Ltd., Shanghai Highlight Media Co., Ltd., shareholders of Shanghai Highlight
Value: Termination of VIE Agreements for $100,000 consideration
Effective: 2023-09-26

Exact text from the filing

On September 26, 2023, Highlight WFOE entered into a termination agreement (the “Termination Agreement”) with Highlight Media, the Highlight Media Shareholders and a third party to terminate the VIE Agreements and for the third party to pay the Company $100,000 as consideration to the termination of the VIE Agreements.

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38 material agreements filed in the last 30 days. Browse all material agreements →

GD Culture Group Ltd filing history →

Source: SEC EDGAR

accession 0001213900-23-079581

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