secwatch.observer — SEC 8-K summary
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Issuer:     FLYWHEEL ADVANCED TECHNOLOGY, INC. (FWFW)
CIK:        0001492617
Form:       8-K
Filed at:   2022-09-22T23:59:59+00:00
Accession:  0001493152-22-026538
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Flywheel Advanced Technology Preferred Stock Converted; Sparta now holds 91.3% of common stock
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- Filed amendment on Sept 15, 2022 changing Series A-1 Preferred conversion rate from 162 to 1.62 common shares per preferred share.
- Sparta Universal Industrial Ltd., sole holder of 10,000,000 preferred shares, converted all into 16,200,000 common shares.
- Post-conversion, Sparta holds 16,200,000 of 17,751,564 total common shares outstanding, or 91.3%.
- Board approved conversion and waived any fees or expenses associated with it.
- Result is a major ownership concentration and change of control for the company.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1492617/000149315222026538/0001493152-22-026538-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1492617/000149315222026538/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-22-026538

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