Wetouch Technology issues $750k convertible note to Mast Hill Fund, appoints three new directors
Wetouch Technology Inc.
Issued $750,000 convertible promissory note to Mast Hill Fund with 8% interest, due in 1 year; gross proceeds of $675,000 after original discount.
Note convertible at $0.75 per share (or 70% of uplist offering price if uplist within 180 days); warrant to purchase 600,000 shares at $1.25 per share.
Appointed Jing Chen, Wei Wang, and Jeff Kone as independent directors effective Nov 12, 2021, with deferred compensation tied to future uplist offering.
Default interest rate of 16% if note not paid at maturity, and prepayment penalty of 10%.
On November 12, 2021, the Company entered into a director service agreement (each, a “Director Service Agreement” and, collectively, the “Director Service Agreements”) with each of Jing Chen, Wei Wang, and Jeff Kone, pursuant to which Ms. Chen, Mr. Wang, and Mr. Kone were appointed as members of the Company’s board of directors (“Board”), effective as of November 12, 2021 (the “Commencement Date”).
On November 12, 2021, the Company entered into a director service agreement (each, a “Director Service Agreement” and, collectively, the “Director Service Agreements”) with each of Jing Chen, Wei Wang, and Jeff Kone, pursuant to which Ms. Chen, Mr. Wang, and Mr. Kone were appointed as members of the Company’s board of directors (“Board”), effective as of November 12, 2021 (the “Commencement Date”).
On November 12, 2021, the Company entered into a director service agreement (each, a “Director Service Agreement” and, collectively, the “Director Service Agreements”) with each of Jing Chen, Wei Wang, and Jeff Kone, pursuant to which Ms. Chen, Mr. Wang, and Mr. Kone were appointed as members of the Company’s board of directors (“Board”), effective as of November 12, 2021 (the “Commencement Date”).
Key facts
Extracted from this filing and checked against the source text.
Executive changeSEC 8-K Item 5.02confidence 0.95
Jeff Kone was appointed as Director at Wetouch Technology Inc..
Action
appointed
Role
Director
Exact text from the filing
On November 12, 2021, the Company entered into a director service agreement (each, a “Director Service Agreement” and, collectively, the “Director Service Agreements”) with each of Jing Chen, Wei Wang, and Jeff Kone, pursuant to which Ms. Chen, Mr. Wang, and Mr. Kone were appointed as members of the Company’s board of directors (“Board”), effective as of November 12, 2021 (the “Commencement Date”).
Wei Wang was appointed as Director at Wetouch Technology Inc..
Action
appointed
Role
Director
Exact text from the filing
On November 12, 2021, the Company entered into a director service agreement (each, a “Director Service Agreement” and, collectively, the “Director Service Agreements”) with each of Jing Chen, Wei Wang, and Jeff Kone, pursuant to which Ms. Chen, Mr. Wang, and Mr. Kone were appointed as members of the Company’s board of directors (“Board”), effective as of November 12, 2021 (the “Commencement Date”).
Jing Chen was appointed as Director at Wetouch Technology Inc..
Action
appointed
Role
Director
Exact text from the filing
On November 12, 2021, the Company entered into a director service agreement (each, a “Director Service Agreement” and, collectively, the “Director Service Agreements”) with each of Jing Chen, Wei Wang, and Jeff Kone, pursuant to which Ms. Chen, Mr. Wang, and Mr. Kone were appointed as members of the Company’s board of directors (“Board”), effective as of November 12, 2021 (the “Commencement Date”).
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