GD Culture Group Ltd (GDC): M&A transaction — GD Culture Group acquires AI software 'Aibox' for $1.248M in stock

GD Culture Group Ltd

Acquired all rights to Aibox software from Shanxi Gangdong Cultural Media for 1.56M shares valued at $0.80/share.
Purchase price $1,248,000; shares issued to seller's designees on June 4, 2024.
Software converts video/audio into customizable AI digital human models for SMEs and influencers.
Transaction closed on June 4, 2024; shares were unregistered and bear restrictive legend.
Company plans to use software to develop its AI business.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

GD Culture Group Ltd completed an acquisition involving Shanxi Gangdong Cultural Media Co., Ltd. for $1,248,000, payable in the form of issuance of 1,560,000 shares of common stock of the Company (closed 2024-06-04).

Action: acquisition
Counterparty: Shanxi Gangdong Cultural Media Co., Ltd.
Consideration: $1,248,000, payable in the form of issuance of 1,560,000 shares of common stock of the Company
Closing: 2024-06-04

Exact text from the filing

Company agreed to purchase and the Seller agreed to sell all of Seller’s right, title, and interest in and to the certain software. The purchase price of the software shall be $1,248,000, payable in the form of issuance of 1,560,000 shares of common stock of the Company (the “Shares”), valued at $0.80 per share. The Company plans to use the software to develop its

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Source: SEC EDGAR

accession 0001213900-24-050372

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