Savmobi Tech to acquire Intellegence Parking Group in reverse merger; former shareholders to own 94.17%

Jingbo Technology, Inc.

Savmobi (SVMB) enters share exchange agreement with Intellegence Parking Group Ltd., a Cayman Islands company.
SVMB to issue 1,000,000,000 common shares to Intellegence shareholders, representing 94.17% of post-transaction outstanding shares.
Transaction accounted for as recapitalization with Intellegence as accounting acquirer; SVMB becomes holding company.
Shares held in escrow pending completion of IGPL audited financials.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Jingbo Technology, Inc. entered into Share Exchange Agreement with Intellegence Parking Group Limited, Chen Xinxin, and the shareholders of Intelligence (effective 2022-12-15).

Action: entry
Agreement: merger
Counterparty: Intellegence Parking Group Limited, Chen Xinxin, and the shareholders of Intelligence
Effective: 2022-12-15

Exact text from the filing

On December 15, 2022, Savmobi Technology, Inc. (“SVMB,” or the “Company”) entered into a share exchange agreement (the “Share Exchange Agreement”) with Intellegence Parking Group Limited (“Intellegence”), a Cayman Island company formed on June 29, 2022, Chen Xinxin (“Xinxin”), the officer and director, and control shareholder of Intelligence and the shareholders of Intelligence (the “Shareholders”).

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Source: SEC EDGAR

accession 0001493152-22-035655

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